Who is ‘promoter’? And explain its functions and legal position.

A 'promoter' is a crucial figure in the early stages of forming a company or a business venture. They play a pivotal role in the birth and organization of a company, from its conceptualization to its incorporation. Promoters are typically individuals or entities who identify a business opportunity and take the initiative to bring it to fruition. In this response, we will delve into the functions and legal position of a promoter.

Functions of a Promoter:

1. Identifying Business Opportunity: A promoter's primary function is to identify a business idea or opportunity that has the potential for success. This may involve market research, analysis of industry trends, and recognizing gaps in the market.

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