Discuss the Rules and Principles Relating to Promoters in the case of Salomon and Salomon

A promoter is a person who takes on the responsibility of setting up a co or any other venture. The promoter of a co were defined in section 4 as a person who brings the co into existence by taking an active part in forming co or finding persons to join it as soon as it is technically formed; taking an active part in forming co that actives include buying property for the co, taking lease for co, buying goods for co, employing professional to set up co and buying shelf co, and finding persons to join co that persons refer to directors, co sec, accountants, solicitors and shareholders. …