The present disclosure relates to preparation of liquid salt including but not limiting to ionic liquid and applications thereof. More particularly, the present disclosure provides a process for preparing ionic liquid which comprises reacting at least one electron-pair acceptor and at least one electron-pair donor to form an adduct, and reacting the adduct with at least one electron-pair acceptor to prepare said salt. The present disclosure also provides for applications of the ionic liquid prepared in the present disclosure.

The present disclosure provides an ionic liquid compound of Formula (I) and its application in reactions such as alkylation, arylation, acylation, diels alder and oligomerization, ##STR00001## The present disclosure also provides a process for preparing the ionic liquid compound of Formula (I) which involves preparing an ionic salt complex represented by Formula [(NR.sub.1R.sub.2R.sub.3).sub.iM.sub.1].sup.n+[X.sub.j].sup.n by mixing an amine represented by Formula NR.sub.1R.sub.2R.sub.3 and a metal salt represented by formula M.sub.1X.sub.j; and mixing the ionic salt complex and a metal salt represented by formula M.sub.2Y.sub.k to obtain the ionic liquid compound.

The present invention relates to air stable, binary Ni(0)-olefin complexes and their use in organic synthesis.