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Lesson -2: Formation of a Company 2.1 - STAGES IN FORMATION OF A COMPANY: 2.1.1 - Promotion of a company: It is the first stage in formation of a company. Certain persons plan about the starting of some business, and after arriving at the decision about the formation of a company, they take necessary steps in this regards.The promotional level of a company refers to those acts which are taken from the time of having idea of starting a company to the time of actual starting of company's business. * Promoters: Refers to a person who thinks of forming a company and actually brings it into existence. The term 'promoter' has not been defined anywhere in the Companies act though the Act imposes liability on the promoters. Palmer writes "A person who originates a schemes for the formation of the company, has the Memorandum and the Articles prepared, executed and registered, and...

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