Massachusetts Pre Incorporation Agreement
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How to fill out Pre Incorporation Agreement?
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FAQ
These types of contract are called 'Pre-incorporation Contract'. Therefore, Pre-incorporation contracts, though at first stage may appear to be with no legal status but they are very much legally acceptable and enforceable in the tribunal and courts.
Answer: False Preliminary contracts or pre-incorporation contracts are not legally binding on the company. A company cannot ratify a preliminary contract.
Ratification is done when a company confirms the pre-registration contract expressly or impliedly such as making a payment for the contracted amount. Also statutory assumptions in s 129 apply in this case as well.
Acceptance of a pre-incorporation contract by a company only requires an adoption of the contract within a reasonable time and there is no corresponding time limit for incorporation of the company.
The term Pre-Incorporation Contract is relevant for public as well as private company The term Provisional Contract is not relevant for Private Company The term Pre-Incorporation Contract is relevant for every company, even though it has no share capital The term Provisional Contract is not relevant for a company not ...
There are various types of pre-incorporation contracts that can be made by a company ing to their need before incorporation, such as a lease agreement, employment agreement, founder's agreement, shareholder agreement, etc.
Ratification is done when a company confirms the pre-registration contract expressly or impliedly such as making a payment for the contracted amount.
Promoters are generally held personally liable for pre-incorporation contract. If a company does not ratify or adopt a pre-incorporation contract under the Specific Relief Act, then the common law principle would be applicable and the promoter will be liable for breach of contract.