company formation

When a company is in the process of formation, a promoter has a crucial role to play. This is because he takes the first steps to develop the company further and controls all the preliminary activities to ensure its incorporation. New company formation is always tricky as there are many difficulties to cross through and this is where a promoter helps to add value to the formation.

When you assume the role of a promoter in a company, whether public or private, you need to follow all the necessary steps for the formation of a company.  A person who carries out all the initial steps for the incorporation of a company is known as the promoter of the company. Typically, a promoter takes care of all the essential activities that help to establish a company.

Company formation is a long procedure that includes various significant steps. The process of company formation in India is subject to the Companies Act, 1956.