Discuss the rules and principles relating to promoters in the case of salomon and salomon & Co. ltd.
Title: Discuss the rules and principles relating to promoters in the case of salomon and salomon & Co. ltd.
Category: /Business & Economy
Details: Words: 1077 | Pages: 4 (approximately 235 words/page)
Discuss the rules and principles relating to promoters in the case of salomon and salomon & Co. ltd.
Category: /Business & Economy
Details: Words: 1077 | Pages: 4 (approximately 235 words/page)
A promoter is a person who takes on the responsibility of setting up a co or any other venture. The promoter of a co were defined in section 4 as a person who brings the co into existence by taking an active part in forming co or finding persons to join it as soon as it is technically formed; taking an active part in forming co that actives include buying property for the co, taking lease …showed first 75 words of 1077 total…
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…showed last 75 words of 1077 total…As principles of the Salomon's case, the debits of the company are the responsibility of the company and not its members; company may contract with its shareholder should the need arise; the company must sue in its name for any wrong that is committed against it; and the company can own assets and that the shareholders have no proprietary interest in those assets. So, Salomon in this case did not breach of the fiduciary duty.
