Utah Pre Incorporation Agreement
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FAQ
Creating a Corporation A corporation is formed in the state of Utah by filing Articles of Incorporation in duplicate with the Division of Corporation and Commercial Code, together with the appropriate fee.
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.
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.
Two consenting parties are necessary to a contract, whereas a company before incorporation is a non-entity. Therefore, following are the effects of pre-incorporation contracts. Company cannot be sued on pre-incorporation contracts- A company, when it comes into existence, cannot be sued on pre-incorporation contracts.
As a promoter, you remain personally liable on pre-incorporation contracts.
Pre-Incorporation Agreements (or Pre-Incorporation Contracts) establish the operations, management, and define who will have control prior to the initial corporate meeting. In addition to the pre-incorporation agreement, many business owners draft a shareholders agreement and a confidentiality agreement.
An essential aspect of PICs under the Act would be that the contract would need to be ratified within three months after incorporation. Ratification simply means that the company elects to approve the terms and obligations of the agreement formally. This can either be fully, partially or conditionally.
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.