Hello
i have a individual firm. owner is my wife... now i want to extend my business. So can we make power of attorney to me. in future any liability will be raise only me responsible for all litigation not my wife... is it possible ?
please guide me
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Power of Attorney for individual
Replies (2)
Quick Summary
POA(Power of Attorney) can grant you authority to act on your wife's behalf, it does not necessarily shield her from personal liability in the event of business debts or litigation. The liability aspect is often determined by the business structure. If your wife's business is a sole proprietorship or a general partnership, her personal assets may be at risk.
No sir that's not possible. POA will help you to represent on her behalf but it cannot directly make you the responsible party.
Consider transitioning the business with its assets and liabilities to your proprietorship if you want your wife to not be a responsible party for any litigation.
Connect with me if you have any further queries on this. Check PM for my contact details
Consider transitioning the business with its assets and liabilities to your proprietorship if you want your wife to not be a responsible party for any litigation.
Connect with me if you have any further queries on this. Check PM for my contact details
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