A promoter is a person who starts up a business, particularly a corporation, including the financing. The formation of a corporation starts with an idea. Preincorporation activities transform this idea into an actual corporation. The individual who carries on these preincorporation activities is called a promoter. Usually the promoter is the main shareholder or one of the management team and receives stock for his/her efforts in organization. Most states limit the amount of "promotional stock" since it is supported only by effort and not by assets or cash. If preincorporation contracts are executed by the promoter in his/her own name and there is no further action, the promoter is personally liable on them, and the corporation is not.
Under the Federal Securities Act of 1933, a pre-organization certificate or subscription is included in the definition of a security. Therefore, a contract to issue securities in the future is itself a contract for the sale of securities. In order to secure an exemption, all stock subscription agreements involving intrastate offerings should contain representations by the purchasers that they are bona fide residents of the state of which the issuer is a resident and that they are purchasing the securities for their own account and not with the view to reselling them to nonresidents. A stock transfer restriction running for a period of at least one year or for nine months after the last sale of the issue by the issuer is customarily included to insure that securities have not only been initially sold to residents, but have "come to rest" in the hands of residents.
The Oklahoma Preincorporation Agreement between Incorporates and Promoters is a legally binding document that outlines the terms and conditions agreed upon by the individuals responsible for initiating the process of forming an Oklahoma corporation. This agreement serves as a roadmap for the incorporates and promoters, establishing their roles, responsibilities, and expectations during the preincorporation stage. Keywords: Oklahoma, Preincorporation Agreement, Incorporates, Promoters, document, terms and conditions, corporation, roadmap, roles, responsibilities, expectations, preincorporation stage. Different types of Oklahoma Preincorporation Agreements between Incorporates and Promoters may include: 1. Standard Preincorporation Agreement: This is the most common type of agreement used in Oklahoma. It covers the essential elements of the preincorporation stage, such as the purpose of the corporation, capital structure, initial shareholders' rights and obligations, and the roles of the incorporates and promoters. 2. Customized Preincorporation Agreement: In some cases, the incorporates and promoters may have specific requirements or unique circumstances that necessitate a tailored agreement. This type of agreement allows for more flexibility and customization to meet the specific needs of the parties involved. 3. Preincorporation Agreement with Intellectual Property Provisions: When the corporation intends to utilize intellectual property assets, such as patents, trademarks, or copyrights, it may be necessary to include provisions addressing the ownership, transfer, and licensing of such assets in the preincorporation agreement. 4. Preincorporation Agreement with Non-Disclosure and Non-Compete Clauses: In situations where the incorporates and promoters need to protect confidential information or prevent competition during the preincorporation stage, a preincorporation agreement with non-disclosure and non-compete clauses can be created. These are just a few examples of the different types of Oklahoma Preincorporation Agreements between Incorporates and Promoters. It's essential to consult with legal professionals or utilize online resources to ensure that the agreement adequately addresses the unique needs and circumstances of the parties involved.The Oklahoma Preincorporation Agreement between Incorporates and Promoters is a legally binding document that outlines the terms and conditions agreed upon by the individuals responsible for initiating the process of forming an Oklahoma corporation. This agreement serves as a roadmap for the incorporates and promoters, establishing their roles, responsibilities, and expectations during the preincorporation stage. Keywords: Oklahoma, Preincorporation Agreement, Incorporates, Promoters, document, terms and conditions, corporation, roadmap, roles, responsibilities, expectations, preincorporation stage. Different types of Oklahoma Preincorporation Agreements between Incorporates and Promoters may include: 1. Standard Preincorporation Agreement: This is the most common type of agreement used in Oklahoma. It covers the essential elements of the preincorporation stage, such as the purpose of the corporation, capital structure, initial shareholders' rights and obligations, and the roles of the incorporates and promoters. 2. Customized Preincorporation Agreement: In some cases, the incorporates and promoters may have specific requirements or unique circumstances that necessitate a tailored agreement. This type of agreement allows for more flexibility and customization to meet the specific needs of the parties involved. 3. Preincorporation Agreement with Intellectual Property Provisions: When the corporation intends to utilize intellectual property assets, such as patents, trademarks, or copyrights, it may be necessary to include provisions addressing the ownership, transfer, and licensing of such assets in the preincorporation agreement. 4. Preincorporation Agreement with Non-Disclosure and Non-Compete Clauses: In situations where the incorporates and promoters need to protect confidential information or prevent competition during the preincorporation stage, a preincorporation agreement with non-disclosure and non-compete clauses can be created. These are just a few examples of the different types of Oklahoma Preincorporation Agreements between Incorporates and Promoters. It's essential to consult with legal professionals or utilize online resources to ensure that the agreement adequately addresses the unique needs and circumstances of the parties involved.
