A Power of Attorney is a legal document that gives someone authority to act on behalf of the company. Typically, the power of attorney document carefully details the transactions and processes for which the individual is being granted power of attorney, rather than providing a general mandate that would allow the power of attorney to act with complete freedom.

 

Power of Attorney confers legal power of attorney on a person acting as an agent. For a company, this authority may include the ability to access financial accounts, sell or place new orders in securities, and write checks, although the agent may also perform a variety of other activities to keep the business running. For security reasons, a power of attorney should strictly limit the agent's activities or access to specific accounts.

 

The key benefit of having a business power of attorney is that you have the security of a contingency plan in the event the business owner or other authorized representative is unable to perform their duties.

 

https://www.confiduss.com/en/banks/account-management/authorization/