Power Of Attorney

Power of Attorney

There are many circumstances in life where an individual owning properties feel incapable of fulfilling all the duties. There are various reasons for such cases as living abroad, ill, old, and many more. In such cases, the transactions in the business demand the presence of the owner. This is where the Power of attorney must be created. Nowadays, it is common to transfer the powers to a reliable person. This individual will represent you for registration selling, buying, or any other activities. 

A power of attorney is a legal contract that offers authorization to act on another’s behalf. The individual receiving the authorization can act in private affairs, business, or legal matters. The person who authorizes his/her Power is usually the donor of the Power. And the individual to whom the Power is given is known as an attorney. With a power of attorney deed, you can provide the following ability to the attorney:

1) Writing of Cheque

2) Signing any official document

3) Handlin any other legal matter on behalf of the donor

The Power of attorney deeds are of two types:

General Power of Attorney:

In this deed, an individual can provide all the general rights to the attorney to act lawfully for managing his property. The attorney can also manage other duties, such as:

1) Maintenance of bank account

2) Payment of tax

3) Registration of any entity

4) Sue a third party 

5) Legal disputes

6) Court matters and many more

You can also provide general Power to handle any one category like handling properties or managing bank processes. 

A special power of attorney is a legal deed that authorizes the attorney to handle only a specific task. Thus, once the special task completes, the Power of attorney will automatically expire. This type of attorney is usually common while renting a property. It also includes other activities such as 

1) Appearing in a registration process on behalf of a donor

2) Appearing in the court of law

3) In the case of tax authorities

While making a power of attorney, it is essential to include certain clauses. A power of attorney may be of any type, but it should include the following clauses:

1) Name, age, and the occupation of the person making the Power of attorney

2) Name of the attorney or the individual, to whom the powers are given, 

3) The reason for providing the legal rights; it should be legally valid

4) Date on which the attorney is made

5) Place of making the Power of attorney 

6) The date from which the Power will come into the force

7) Date of expiry of the powers

8) Details whether it is a general power of attorney or special 

You can trust us to draft your Power of attorney. We will help you with our most experienced lawyers. We will also provide you a free consultation to make sure that your deed is perfect. Let us draft your Power of attorney, and we will customize it as per your need. 

Avoiding compliances

A company is a legal entity that needs to comply with all the compliances. It is a juristic person established under the Companies Act. Thus, it has to abide by all the compliances. Wrapping up process can be initiated if the Company is inactive and wants to avoid compliances’ 

Avoid penalties:

If a company doesn’t file the compliances in time, it holds the liable to pay fines and penalties. Thus, it is better to wrap up the Company if it is inactive.

Low Cost:

Sometimes meeting the compliances for a company becomes hard. And become cheaper to wrap up the Company. Thus, in such cases, a company should wrap up.

Easy to wrap up:

A company that has been inactive from the past few months can be closed easily. But all the compliances that are overdue must be regularized. All the compliances must be cleared, and the registration should be surrendered. 

Fast to wind up:

Closing a company is fast. It can be done by filing an application with MCA. You can also complete the process online.