Got my fathers company as a legal gift yet he keeps the gpa
Querist :
Anonymous
(Querist) 26 February 2018
This query is : Resolved
hello ,
My father recently gave me a deed of transferring a Factory(metal processing plant) and all its property plus liabilities as a deed of Gift.
According to the deed...he retains the General power of Attorney and also a Special Power of Attorney along with rights to invest the profits of the business..
This makes me think is signing this deed any good for me as it gives me all the responsibilities(which i am happy to undertake) along with me being Liable for any losses.
so my query is a 2 part query.
1.Is it okay for me to sign the deed and just be a nominal head when my father invests profits and makes big decisions?
2. in case i sign this will my elder brother be able to have any rights to the property in the future considering it is a gift made to me by my father?
Thank you.
Guest
(Expert) 27 February 2018
Anonymous hypothetical academic query, does not deserve any advice.
Guest
(Expert) 27 February 2018
Although anonymous, but what makes the difference, as even otherwise also you were not the owner of the company. Better be trustworthy to your father, so that he may not get any chance to distrust you.
Querist :
Anonymous
(Querist) 27 February 2018
@dhingra.. thank you sir.
@Jigyasu thank you for the reply sir.
I do know that its better than my current situation..your reply reassures me.
If it is not too much ..could you be kind enough to help me understand that ,in case I sign the deed, would my elder brother have any or no claim on the factory and its assets in the future ?
Querist :
Anonymous
(Querist) 27 February 2018
@dhingra.. thank you sir.
@Jigyasu thank you for the reply sir.
I do know that its better than my current situation..your reply reassures me.
If it is not too much ..could you be kind enough to help me understand that ,in case I sign the deed, would my elder brother have any or no claim on the factory and its assets in the future ?
Dr J C Vashista
(Expert) 03 March 2018
If you are seeking an obligation from experts you will have to disclose your identity as per rules of this platform, no reply for an "anonymous" author.
Guest
(Expert) 03 March 2018
You have got a company in gift. Being of nature of a commercial query, your were not ethically justified to get free advice. Ethically you would have taken appropriate advice from some local lawyer by paying his fee. Moreover both the documents of POA and special POA are required to be examined in detail before an appropriate advice.
