Power of attorney

Avinash (Querist) 27 November 2017 This query is : Resolved
I am retiring from a registered partnership firm. My partners wants POA from me. Is it safe to give POA

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r.sathyanarayanan (Expert) 27 November 2017
It is not safe.

kavksatyanarayana (Expert) 27 November 2017
you with cotinuing partners shall execute a reconstitution (retirement deed to the old partnership deed). in the reconstitution deed, you can mention the conditions regarding your entitlement after retirement and their rights over the either properties if any. consult local auditor/lawyer for preparing the deed.

Ms.Usha Kapoor (Expert) 28 November 2017
IN case of retirement if other partners want to substitute reconstitution deed in place of old -partnership deed you mention conditions of entitlement if any after retirement and their rights if any on either of the properties.

ramesh (Expert) 28 November 2017
What is the necessity of giving PoA when you have retired. Safe guard yourself from your power value.

Guest (Expert) 28 November 2017
Agree and Well Advised by Experts

Dr J C Vashista (Expert) 29 November 2017
How can you grant POA when you have decided to move out of the partnership firm. Both the decisions can not run concurrently.
Once you are retiring the partnership comes to an end automatically.

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