Did you know the potential abuses of granting a power of attorney?
A power of attorney is a legal arrangement that allows you to turn over control of their finances, other business matters or personal issues to family members or friends and is emerging as a possible avenue for committing fraud.
Consider what you can do to make sure your power of attorney doesn’t create opportunity for strife or issues with financial institutions?
Above all, do it while you are healthy and in full control of your faculties. You have to be comfortable with and trust the person to whom you’re giving the power of attorney. You need to decide whether the powers you authorize are to be specific or narrow or general and broad, make sure you trust the person you’re granting them to and understand when these powers take effect.”
Do you know if you can make a required capital call?
If you’re the majority member of a Florida or New York limited liability company (LLC) and need more capital for your business, and either you have no written operating agreement (in Florida oral operating agreements are difficult to prove as to terms and substance), or you have one but it’s silent on the issue, You cannot make a compulsory capital call.
Without an operating agreement, or without an express provision for it an agreement expressly authorizing a call for additional capital contributions, that is the critical point, additional to the original capital contribution called for, and specifying the consequences of failing to make the contribution, you cannot make a compulsory capital call.
Sidney Turner
www.SidneyTurnerllc.com
