A promoter is a person who is tasked with fulfilling the preliminary legal steps toward starting a business or incorporating a business. It can also be a person who creates a business plan or venture.
A promoter is legally obligated to give honest information in relation to the business that they are forming, and file all of the necessary legal paperwork to do business. If an investment is trying to be gained by the promoter, they are legally obligated to give a full breakdown of all aspects of the venture to potential investors.