promoter

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Promoter

A person who devises a plan for a business venture; one who takes the preliminary steps necessary for the formation of a corporation.

Promoters are the people, who, for themselves or on behalf of others, organize a corporation. They issue a prospectus, obtain stock subscriptions, and secure a charter. Promoters stand in a fiduciary relationship to the proposed company and must act in Good Faith in all their dealings for the proposed corporation.

promoter

n. a person who puts together a business, particularly a corporation, including the financing. Usually the promoter is the principal shareholder or one of the management team and has a contract with the incorporators or makes a claim for shares of stock for his/her efforts in organization. Most states limit the amount of "promotional stock" since it is supported only by effort and not by assets or cash. (See: promotional stock)

promoter

noun  advocate, aider, auctor, backer, benefactor, encourager, enterpriser, fautor, financial backer, financier, founder, organizer, organizer of business enterprises, organizer of commercial enterprises, patron, planner, prime mover, publicist, sponsor, supporter
See also: abettor, advocate, backer, benefactor, coactor, conspirer, developer, disciple, partisan, patron, sponsor