Types of powers for firms
Powers or orders are documents granted by a natural person or legal entity that authorize another party to act on their behalf and carry out diverse legal processes.
Power is what drives the actions of the members of an organization.
The parties involved in the process of granting power include the grantor, who may provide diverse faculties, and the attorney, who receives them.
It is through a power of attorney that faculties can be granted to another person to conduct specific legal proceedings. This document is private and must be signed by the grantor, who concedes the power, and two witnesses must be present for the act to be authenticated.
The most prominent types of powers used by firms are:
General Power: Enables the conduction of diverse legal proceedings and does not lose its value with each use. It is usually classified into three types:
- General Power for acts of ownership:
This power concedes broad faculties to the attorney as if he legitimately possessed them, which allows the power to be used as many times needed until it is finally revoked. This authority allows disposition upon the grantor’s heritage to carry out purchase-sale of properties, as well as other acts involving assets and any mortgages related to them.
- Power of attorney for acts of administration:
The attorney is allowed to manage the grantor’s heritage with the purpose of conducting diverse actions, including signing contracts or consolidating proceedings before external parties or institutions, in which the administration, conservation, and safeguard of assets are involved.
- General power for lawsuits and collections:
This power authorizes the attorney to represent the grantor in legal acts or proceedings regardless of their character, whether they are of civil, criminal, labor, or administrative nature.
Special power: The attorney is conceded the faculty to conduct a particular legal proceeding. Such power is limited to a single action, and expires once the act has concluded. This guarantees much stronger confidence that additional acts cannot be conducted if not officially assigned.
In QuAdrans law and finance we provide you with advice and the elaboration of powers for businesses. Our attorneys are capable of orienting you efficiently and responsibly. We can help you obtain any type of power you require.
Visit our Corporate section to learn more about our services.
