(1) Knowledge of Acts: Although the company is established under the Indian Companies Act 1956, but other laws are also applicable to it, so the promoter has to comply with all the Acts and Regulations like Business Rules, Income and Sales Tax Act. etc., otherwise he will have to face many kinds of difficulties.
(2) Wealthy: Being resourceful is an essential quality of the promoter because many necessary expenses have to be incurred from the time the idea of establishment of the company comes to the existence of the company. Apart from this, if financial support is not available from any other person for these works, then the promoter has to invest his own finances.
(3) Self-confidence: A person can achieve success in the most difficult tasks only with the quality of self-confidence. Therefore, it is necessary to have confidence in a promoter so that he can establish the biggest business or industry, otherwise he will fail. FISTIC 151
(4) Forsightedness : The company formed by the originator is based on future planning. Therefore, the promoter must be visionary so that he can predict the future needs and aspirations quickly and accurately.
(5) Honest and hardworking: After the establishment and registration of the company, a promoter has to present all the details of his proceedings before the company, in which honesty is necessary. If the promoter does not act honestly in this, then the promoter is responsible for the loss and irregularity arising as a result. 539
(6) Organizer : There are some basic elements – man, machines, material and money for the establishment and successful operation of the company. Therefore, a promoter should have the ability to arrange all these elements, otherwise all the resources will be useless, whose burden will have to be borne by the company itself.
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