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Preliminary expenses

ranjithsingh (Chartered Accountant) (153 Points)

17 August 2012

whether preliminary expenses incurred by the promoter can be reimbursed?

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Abhijeet Deshpande (Co-Founder & Manager @ Tax-Yantra) (1171 Points)
Replied 17 August 2012

The nature of the promoters work in the formation of a company calls for considerable skill for which he should be adequately remunerated. A promoter has no right against the company for his remuneration unless there is a contract to that effect. In the absence of such a contract, he cannot even recover from the company payments he has made in connection with the formation of the company.

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