A partnership firm would have various aspects to be taken care of in the day to day running of the partnership firm. A firm manager would look after such affairs to ensure a smooth running of the partnership firm. A power of attorney in favour of firm manager (given by a firm owner to a firm manager) allows the firm manager to conduct the firm’s business in the absence of the owner. In the long run, a power of attorney granted to the firm manager allows him to do certain tasks specified by the grantor.
A typical power of attorney by a partnership firm in favour of its firm manager would include the following clauses-
- The firm manager represents the firm before various governmental agencies, statutory bodies, other companies and signs various agreements, contracts, orders, letters etc.
- The manager would also have the power under the power of attorney to appoint any personnel, agents, staff that are so required in the running of the firm and also decide on their salary and perks. He also has the power to dismiss or discharge them by giving them sufficient notice.
- The firm manager shall maintain bank accounts in the name of the firm and be an authorised signatory for the same to ensure smooth financial transactions.
- The manager signs all applications and forms required for the licences, permits, etc. from the Central Government, State Government, municipal or other statutory authorities requisite for the purpose of carrying on or developing the business of the firm.
- The firm manager would represent the firm before income-tax, sales-tax and other authorities, municipal corporation, in all courts having civil, criminal, revenue, original, appellate or revisional or special jurisdiction and before any other tribunal, government, judicial or administrative tribunals and authorities.
- The firm manager is also expected to draw, accept, endorse, negotiate, pay or satisfy any bill of exchange, promissory notes, cheques, drafts, hundies, orders for payment or delivery of money, securities or goods, bills of lading or other negotiable or mercantile instruments or securities which may be deemed necessary or proper for the business of the partnership firm.
- The firm manager can also institute, defend, prosecute, enforce or oppose any suit, action, proceedings, appeal or revision in any court in India or outside India or before any tribunal of arbitration or industrial court, whether by and on behalf of the said firm or against it, to engage any solicitor, advocate, counsel or pleader as may be necessary for prosecuting and defending in the premises aforesaid or any of them or in any other matters relating to the conduct of the business of the said firm, and to sign vakalatnama to sign and for the aforesaid purposes to sign, declare, verify or affirm plaints, written statements, petition, and other pleadings and also to present any memorandum of appeal, revision, review application, writ petition, etc. on behalf of the firm.
- The firm manager shall also draw, accept, endorse, negotiate, pay or satisfy any bill of exchange, promissory notes, cheques, drafts, hundies, orders for payment or delivery of money, securities or goods, bills of lading or other negotiable or mercantile instruments or securities which may be deemed necessary or proper for the business of the said firm.
- The firm manager can also compound, compromise, settle, withdraw, adjust, submit to arbitration any claim due to or due by the firm from or to any person and compromise or withdraw any suit, or other legal proceeding, filed by or against the firm on such terms and conditions as the said Attorney may think fit or to abandon or waive any claim.
It is the duty of the firm manager to keep and maintain a true and correct account of all transactions and dealings carried out by him in relation to the business of the said firm and affairs, ancillary and incidental thereto. It is the utmost prerogative of the firm manager that he conducts the business of the firm legally and honestly.
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