Power of attorney
ritesh
(Querist) 05 February 2012
This query is : Resolved
sir we are two partners in firm.
my ques is
1.is both partner can give power of autt orney to different person.
2.at a time, POA can be givento how many person.
3.is it possible to give POA to different person for differentt work.
4.sir should clause of POA be included in partnership deed..
5.sir i dont want to include cluaseof POA in partnerdeed but my partner want the same to be included.what legal drafing can be done in parnership deed that both are satisfied.
adv. rajeev ( rajoo )
(Expert) 05 February 2012
To avoid the stamp duty it is better to give POA to only one person.
If POA in respect of the firm it is to be decided by the partners. For the work of the firm POA to only one person is better.
Regarding POA it cannot be added in the deed.
V R SHROFF
(Expert) 05 February 2012
I advise to sign all such important documents jointly by both the Partners.
Partnership usually ends with bitter relationship and a sense of cheating, as other partner acted against the interest of a partner.
To avoid the disadvantages the "Partnership" have, Let All Important act be done jointly. For Routine jobs, a single Partner is always a AGENT for another partner, and is binding on him.As sch a partner has a Power of his partner.
Devajyoti Barman
(Expert) 05 February 2012
You have raised too many questions in one go without giving the facts situation.
The answer to these queries would differ if the circumstance and the purpose of POA is different.
So do first clarify the purpose and situation for giving POA.
prabhakar singh
(Expert) 05 February 2012
state facts of your case to be considered.
M V Gupta
(Expert) 06 February 2012
Replies query wise are as under:
Q1- Yes, for any special purpose.
Q2- Depends on the need. Generally POA is given to two or three persons - powers to be exercised jointly or severally. Not advisable to appoint too many agents under one POA for the same purpose as it may lead to avoidable complications while exercising the powers.
Q3- Yes. Q4- Under Partnership Act there is implied authority to each partner to act for himself and on behalf of other partners while carrying on the day to day business transations. However this does not extend to sertain purposes such as sale or mortgage of the partnership properties, borrowings beyond a limit etc. Such transactions need specific POA.
Q5- See answer to Q4 abopve.
Shailesh Kr. Shah
(Expert) 07 February 2012
After detailed reply of Shri M V Gupta,There is no need to add more. It would be better, if you ask with issue.
