Promotion is a term of wide import denoting the preliminary steps taken for the purpose of registration and functioning of the company.

The doctrine helps protect the rights of external members of the company by entitling them to knowledge about the internal works.

The articles of association direct rules which govern the conduct of directors, the rights of the shareholders and their relationship.

The doctrine of lifting the corporate veil means ignoring the corporate nature of the body of individuals incorporated as a company.

A Memorandum of Association (MoA) represents the charter of the company. It is a legal document prepared during the formation and registration process of a company.

The term "company" as used in this Act denotes a corporate juristic person organized and incorporated in accordance with this Act for the purpose of profit making.