Promoters liab
This query is : Resolved
26 April 2013
sir/madam
would the promoter continue to b liable for pre incorporation contracts in case company adopts them after incorporation bt doesnt enter into fresh contrCts!?
would the promoter continue to b liable for pre incorporation contracts in case company adopts them after incorporation bt doesnt enter into fresh contrCts!?
26 April 2013
Once company adopts it than promoter's liability ceases to be continued on such pre - incorporation contract.
However if it is justified later on that said contracts were entered into with malafied intentions than same can be considered as personal liability on promoters.
However it will not have much impact as generally promoters will continue to be the directors in the company after incorporation and as per the present scenario said liabilities will be also binding to its directors and promoters.
However if it is justified later on that said contracts were entered into with malafied intentions than same can be considered as personal liability on promoters.
However it will not have much impact as generally promoters will continue to be the directors in the company after incorporation and as per the present scenario said liabilities will be also binding to its directors and promoters.
Message likes :
2 times
10 June 2013
Before formation of any company there cannot be any contact but if it is conversion of partnership or proprietorship into company then only the liability arises. Before that there has to be due diligence on behalf of the company and only after that the MOU is entered between the promoters and the company. If it is knowingly done with malafied intentions then the liability of the company can be shifted to the concerned persons.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
