What Are PreIncorporation Agreements

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Pre-incorporation agreements are contracts that are intended to bind an organization before the entity itself is formed. However, there are significant risks to pre-incorporation agreements including that: • (i) the promoter, the person entering into the contract on behalf of the prospective entity, is personally liable for the obligations incurred on behalf of the entity until and unless the entity, once formed, acknowledges the contract, and until and unless the other contracting party and the entity release the promoter from liability; and • (ii) the entity itself may never be formed, it may decide later not to acknowledge the debt, and the contracting party may decide not to release the promoter from liability. It is critically important to discuss your options with an attorney before executing any pre incorporation agreements to be aware of the risks involved. • Disclaimer: This video is not intended to serve as a substitute for consultation with an attorney. Specific legal issues, concerns, and conditions always require the advice of appropriate legal professionals. Using the Internet for communications with the firm will not establish an attorney-client relationship, and messages containing confidential or time-sensitive information should not be sent.. • 👉 Follow us on Facebook: / easlerlaw • 👉 Follow us on LinkedIn: / 76917489 • 👉 Follow us on Twitter: / easlerlaw • 👉 Follow us on Instagram: / easlerlaw

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