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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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
Asked whether it was the policy of government to promote commodity exports even if it costs local consumers, he said that it was his personal opinion that domestic shortages should not hinder exports.
Promote Builders accepts professional programmers and hobbyists.
* promote the effective and efficient management of human, financial and other resources involved in the delivery of community services;
However, if traditional Christians or Jews, for example, defend their faith and promote moral behavior, the ACLU (and its handmaidens in the media) call that proselytizing and demand it be ended.
Testas' (Mis)adventures (Rosario, 2002a, 2002b, 2002c, 2003, 2004b), is an intervention program designed to promote strategic learning through stories where the self-regulation processes and learning strategies are made explicit.
The principle that mineral wealth should be used to promote local economic development is firmly established.
When confronted, Booher agreed that he had been wrong, although he insisted he had not meant to promote religion.
Presently, there is a lack of large-scale studies that rely on objective measures over self-reporting, which is less reliable and may fall prey to widely-held beliefs that exercise promotes sleep.
This trend promotes vegetarian products to the mainstream public.
The fundamental purpose and mission CARI is to promote the optimal net economic and social impact from commercial recycling activities.
The New Protocol will promote the growth of trade and investment between our two countries to the benefit of both economies.