623+ Lawyers are online 
Clarification on POA to run friend's business
25-Mar-2023 (In Documentation Law)
My brother has a business and he is not able to run due to health issue, hence he want to transfer ownership but it is involving lot of procedure, so if i get POA is it fine to run the business 1. Power of attorney is valid for how many years or is there any specific time period to set. 2. If i get POA, shall i Open New bank account in the name of concern (Business Purpose) and Full signature authority to me ( Is there any special clause to get when the time of POA) 3. Self owned business/single owner/proprietary firm. 4. Any special clause or points need to add when the time of executing POA
Dear Client,
What is the nature of the business, whether it is run by proprietor, then transfer the registration of business in your name. If it is to be run on the basis of power of attorney your, mother must ratify all the transactions like opening bank account in your own name on power given by your mother, you must file tax returns in the name of your mother on the power given by her. There is no time limit for expiry of registered power of attorney unless it is cancelled and the cancellation was duly registered. You must approach a good and experienced drafts man for drafting well suited Power of Attorney and the same must be registered.
What is the nature of the business, whether it is run by proprietor, then transfer the registration of business in your name. If it is to be run on the basis of power of attorney your, mother must ratify all the transactions like opening bank account in your own name on power given by your mother, you must file tax returns in the name of your mother on the power given by her. There is no time limit for expiry of registered power of attorney unless it is cancelled and the cancellation was duly registered. You must approach a good and experienced drafts man for drafting well suited Power of Attorney and the same must be registered.
Helpful?
17+
17+
Adv. Sistla Rama Krishna
Vijayawada | 400+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Documentation lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
