Promoters play an important role in bringing about the incorporation and organization of a company. Promoters are not agents or trustees of the proposed company but do have fiduciary duties to the company and future shareholders. Pre-incorporation contracts entered into by promoters on behalf of the proposed company make the promoters personally liable since the company does not yet exist, though the company can later adopt such contracts under law. The duties and potential liabilities of promoters are outlined in the Companies Act.