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of <h1>Understanding Preliminary Contracts, Conversions, and Business Commencement under Companies Act, 1956: Key Sections and Liabilities</h1> Corporate transactions under the Companies Act, 1956, address preliminary contracts, conversions, and commencement of business. Contracts made before a company's incorporation are not binding on the company, leaving promoters personally liable. Provisional contracts post-incorporation require a commencement certificate to be binding. Conversions include private to public companies via Sections 43, 43A, and 44, and public to private companies needing government approval and special resolutions. Existing businesses can convert to companies through various means, including outright sale and amalgamation. Section 149 outlines conditions for companies with share capital to commence business, requiring full share payment and verified declarations.
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