If you are running a company and want to make it operate smoothly even in your absence, then you should need to consider making a power of attorney for your business. If you think that you will become incapable due to a disease or due to age factor then choosing an agent to handle your business transactions will be a great option. For assigning your business responsibility to someone, you can get the business power of attorney form and sign it in front of two witnesses and get it notarized from the lawyer and make it a legal document.
For handling your business transactions and other financial matters relating to it, you can choose a reliable individual. It can be your spouse or child or any other third person you believe that he or she can do the best as you are expecting. According to the law if you go away from the business due to illness or any other reason without making power of attorney, then it will be not acceptable. You have to take appropriate action to make sure that your business operations are running smoothly and all financial and legal matters are handling well by your agent.
With the business power of attorney, you can appoint an agent to handle your company’s bank accounts, dealing with the trade partners, pay salaries to the employees, and pay an insurance premium for your company. For business continuity and managing operations, it will be right to make power of attorney and handover it to the agent. You can also keep one copy of power of attorney along with you and also submit a copy to your lawyer for safety. You can also limit your business power of attorney to a few transactions for example if you want to handle financial transactions by self then you can mention such condition in a power of attorney.
By signing the business power of attorney form in the presence of a lawyer will make sure that you have the legal witness for hiring an agent. It is also legal responsibility of the agent to act honestly to handle various business transactions for your company. It is also essential for you to instruct the agent to show you the records of multiple transactions that your agent performs on your behalf. Your agent will be liable if he makes illegal use of power of attorney and in that case you are free to revoke it with immediate effect.
For revoking power of attorney, you can also download revocation form and fill it and sign it in front of your lawyer and send the copy to the agent. You can also send the copy of the revocation of power of attorney to the banks and trade partners to prevent an illegal transaction. After canceling your agreement with the agent you can again choose another agent for handling your business operations but with utmost care and legality so that you will never get disappointed next time and get complete peace of mind.
Power of Attorney Dubai 