Describe the legal status of a promoter.
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"Promoter in any company or firm does have a legal position in which the person who is a promoter is responsible for the purchasing of any property or anything under the name of the company.
Promoters usually have a fiduciary relationship with the company, and then they carry out all the work which is done under faith and trust where they have to disclose each data to the company regarding it's set up.
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