Legal Question in Business Law in New York
power of attorney
My husband has his own consulting/public speaking business, which is incorporated. Most of our household expenses are deducted from the business acct and the other expenses I absorb. My name is not on the business account and I'm concerned that if he were to becomes disabled or incapacitated, our assests would be at risk. My husband does not want to put my name on the account but rather give me power of attorney.
What does it mean to be a POA?
What are the benefits and weaknesses to being POA?
If he were to get sued, as POA, can they go after me.
Can I sign checks?
1 Answer from Attorneys
Re: power of attorney
Your question involves a combination of asset protection, limitation of liability, and business succession planning issues (not to mention possible tax issues). I strongly suggest that you consult with an attorney for assistance.
You may contact my office at [email protected] or at 212-401-2990 to schedule a consultation.
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