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Does your business have a company Power of Attorney?

An individual power of attorney gives an attorney legal authority to manage a person’s assets and financial affairs.

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A company power of attorney authorizes a person or persons to act on behalf of a company and/or sign certain documents on its behalf.

When granting a company power of attorney, it could be:-

  1. Limited power, for routine transactions
  2. For specific purposes
  3. General powers

And, be aware the director will remain liable for an attorney’s actions.  The company may want to consider appointing two persons to act jointly as attorney.

A complete estate plan for a family should consider a power of attorney for all companies in the group, in addition to the personal and financial affairs of the individuals involved.

 

 

 

 

AcctWeb

Article Date: February 25, 2024

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W Marshall & Associates 64 Jolimont Street, East Melbourne VIC 3002

Important: This is not advice. Clients should not act solely on the basis of the material contained in this Commentary. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before taking any action. The Commentary is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.