1.Difference between Universal Agent and General Agent???
2.Service provided in 2009 =Rs.5 Lacs and in 2010 its Rs.6 lacs. Is this service in the ambit of ST???
Mihir Manohar (CA Final - Article Assistant) (474 Points)
16 March 20131.Difference between Universal Agent and General Agent???
2.Service provided in 2009 =Rs.5 Lacs and in 2010 its Rs.6 lacs. Is this service in the ambit of ST???
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3316 Points)
Replied 08 July 2013
A universal agent is a person authorized to transact all the business of his/ her principal of every kind. S/he authorized to perform all acts or duties which his/her principal is empowered to perform. Usually universal agents are appointed by a power of attorney.
A principal can have but one universal agent. S/he may have a general agent in each line of his business, and in each of several places. S/he may employ as many special agents as occasion may require. A universal agency is of very rare occurrence, the great majority of the cases being those which involve some form of general or special agency. [Baldwin v. Tucker, 112 Ky. 282 (Ky. 1901)].
When a corporation constitutes its president its universal agent, it is bound by any act of his acts. At least by all such as are within the corporate powers. [Petrolia Mfg. Co. v. Jenkins, 29 A.D. 403, 409 (N.Y. App. Div. 1898)].
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