Power of Attorney by the Partners of a Firm to One of Them (India) by OLL
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Power of Attorney by the Partners of a Firm to One of Them
To All To Whom These Presents Shall Come, We (1) Mr. A, residing at .. (2) Mr. B. residing at ... and (3) Mr. C, residing at ...
Whereas we the said Mr. A, Mr. B and Mr. C are partners along with Mr. D of a partnership Firm in the name of M/s ... and are carrying on business of on the terms and conditions contained in a Deed of Partnership dated...
And Whereas under the said Deed the said Mr. D is authorised to act as the Managing Partner and he is mostly looking after the business of the said partnership.
And Whereas we are not able to attend regularly to the business of the said partnership because of either our preoccupations or other reasons and we have full confidence in the said Mr. D.
And Whereas in order to enable him to carry on the said business and to do all acts and things required to be done alone and without being required to approach every time for our consent or authority or signatures, we have proposed to appoint him as our express and authorised attorney or agent to do all acts and things hereunder mentioned and which he has agreed to do.
NOW KNOW YOU ALL AND THESE PRESENTS WITNESS that we the said Mr. A, Mr. B and Mr. C hereby jointly and severally and as the partners of the said Firm appoint and constitute the said Mr. D our attorney or agent with full authority and powers to do and execute all the following acts, deeds and things In the name and on the behalf of the said Firm or in our names and on our behalf and for us viz.
1. To carry on the business of the said partnership Firm M/s... in terms of the said Deed of Partnership dated.………..
2. To buy and sell all goods and merchandise connected with the business of the said Firm and to pay and receive moneys in respect thereof.
3. To appoint managers, accountants. clerks, peons and other persons for carrying on different types of work in connection with the said business, to pay their salaries, wages and other emoluments as are normally paid and if necessary to remove or dismiss any one or more of them as occasion may require.
4. To acquire any premises on rent or other terms for carrying on the business of the Firm. including godowns, store rooms for storing goods.
5. To open one or more accounts in one or more Banks in the name of the Firm and to operate the same as well as those at present existing. To close any such account or accounts if necessary.
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This template is a Power of Attorney granted by the partners of a firm to one specific partner, appointing them as the managing agent. It authorizes the designated partner to handle all business operations, including banking, hiring, contracting, and legal representation without requiring the physical presence of the other partners.
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About this template
What is this template?
This document is a formal grant of agency from multiple partners to a specific individual within the same firm. It is not a general power of attorney for an individual's private affairs or a partnership deed itself. It specifically contains powers to operate bank accounts, handle 'hundies', and represent the firm before 'Income Tax Officers'.
When should you use it?
Use this when specific partners cannot attend to daily business and wish to authorize a 'Managing Partner' to sign deeds and contracts. Use a Partnership Deed instead if you are establishing the firm's ownership and profit-sharing structure for the first time.
What's inside
| Clause | Name | What it does |
|---|---|---|
| NOW KNOW YOU ALL | Appointment of Attorney | Appoints Mr. D as the joint and several attorney for partners Mr. A, Mr. B, and Mr. C to execute acts on behalf of the Firm. |
| 5 | Banking and Financial Operations | Authorizes the attorney to open, operate, and close one or more bank accounts in the name of the Firm. |
| 8 | Borrowing and Securities | Permits borrowing via overdraft or cash credit and allows securing loans by pledging goods or mortgaging immovable property. |
| 11 | Property Transactions | Grants power to sell, lease, or dispose of the Firm's moveable or immovable assets when deemed profitable by the attorney. |
| 16 | Legal Proceedings | Authorizes the commencement and prosecution of civil or criminal suits in courts or tribunals to recover trade dues or property. |
| 22 | Taxation and Compliance | Obliges the attorney to file income tax returns and represent the Firm before Income Tax Officers or Appellate authorities. |
Who it's for
- partners in an Indian firm delegating authority to a managing partner due to their own preoccupations
- a partnership needing a designated representative to execute property deeds and mortgage documents
- business partners requiring a single signatory for banking and negotiable instruments like hundies
- firms authorizing a partner to appoint advocates and handle tax assessments through a Chartered Accountant
How long it runs and how it's signed
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