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I'm starting a new business I need help running my business Wills & Estate Planning

What powers can be specified in a Durable Power of Attorney?

 

A:

Since there is tremendous flexibility in drafting a Durable Power of Attorney, you may provide for any or all of the following powers:

  1.  Make deposits, withdrawals, cash checks, and borrow money;
  2.  Run your business, including hiring and firing employees, purchasing, and selling assets, and executing and serving contracts;
  3.  Prepare and file tax returns and any other government forms and pay the requisite taxes, penalties, fees, and interest;
  4.  Employ attorneys, investment counsel, accountants, doctors, nurses, specialists, home health aides, and other appropriate personnel;
  5.  Purchase or sell cars, homes, and any other property;
  6.  File suit, arbitrate, settle, and collect or pay on any claims;
  7.  Purchase insurance and pay premiums; and
  8.  Any other powers permitted by state law.




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