Function of Promoter
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The fiduciary duties of promoters include: not to make any secret profit out of the promotion of the company. Secret profit is made by entering into a transaction on their behalf and then selling the concerned property to the company at a profit, without disclosing the profit to the company or its members.
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A corporate promoter is a firm or person who does the preliminary work incidental to the formation of a company, including its promotion, incorporation, and flotation, and solicits people to invest money in the company, usually when it is being formed.
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