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Forms of Business Organisation — Business Studies STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceBusiness StudiesForms of Business Organisation3 Marks
Question
State the duties of a promoter.
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Answer

A promoter has to perform the following duties:
  1. He should not make any secret gains out of the dealings of the company.
  2. He must deposit all the money received on behalf of the company in the company's bank account.
  3. He must surrender any profit made during promotion of the company.
  4. He must exercise due care and diligence while performing the work of promotion.
  5. He is personally liable for the preliminary contracts with the third parties, if they are not approved by the company.

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