Promoter

{
  "id": "MLC-T-LAW-003963",
  "term": "Promoter",
  "field": "Law",
  "definition": "A person who takes the preliminary steps in forming a corporation, such as finding investors, arranging financing and negotiating contracts before it is incorporated. A promoter owes fiduciary duties to the corporation and its future shareholders, including a duty to disclose secret profits. The promoter is personally liable on pre-incorporation contracts, and adoption of a contract by the corporation does not release the promoter unless the other party agrees to a novation.",
  "url": "https://mlchart.com/terminology/law/promoter/"
}