The founder is not a legal term in relation to a company. General Public usually uses this term to refer to the original promoters of any company.
Interestingly, the definition of the term “promoter” also do not indicate directly to “founders” as the definition is drafted with the perspective of an existing company.
Now, I must subscribers to the Memorandum of Association (MoA), the founding or constituting documents of a company are first promoters. They satisfy two conditions of the definition of promoters also.
Subscribers of the MoA took initiatives to form a company and give a legal birth to it. Sometimes one of them actually leads and recognised by other subscribers as founder subscriber.
In short, the mind has a seed of the company in it may be called the founder of the company.
AishMGhrana 