Power Of Attorney & Its Types

Power of Attorney

Power of Attorney is a type of business document which authorizes some person to act in a business or legal matter on your behalf. It is of different types:

General Power of Attorney (POA) – It authorizes other person to act on your behalf in many different situations such as in handling bank transactions, settling claims, buying/selling property, purchasing life insurance, taking loan, and others.
Special Power of Attorney (POA) – Here, other person will act on your behalf in specific situations only. For instance – special POA can be utilized for buying/selling a car, borrowing money, collecting debts etc.
Health Care Power of Attorney (POA) – It authorizes other person to take decisions regarding your health care when you are not able to do this on your own.
Durable Power of Attorney (POA) – The above three types of POAs can be made durable by including specific text in it.  

To create a legal POA, you must complete & sign Power of Attorney Form properly. The forms are available at law libraries, statute books and on various websites on the internet. You can take the help of a lawyer at the time of filling the form. Signatures must be done in front of a notary public. At some places, POA forms have to be signed in front of at least 2 witnesses.

POA form need to include this information – your name (when you are creating POA), postal address, time duration involved, social security number (SSN), clear statement on which powers granted to the agent are recorded, your signature & date. In the matters of estate tax, decedent’s name, death date and agent’s authorization should also be included. The necessary condition for signing POA form is that you have to be mentally competent when you have to sign the form. Otherwise, the form will not be considered valid.  

Sometimes, the financial institutions and banks have their own POA forms to cover only those transactions in which they deal. If you want to give some person the authority to operate your bank account, you must check with the bank if it has its own durable Power of Attorney Form. If some agent is given authority to handle your real estate, you may be asked to submit a copy of the file at local land record office.   

There are some other Power of Attorney forms like POA by Husband & Wife, POA Revocation, and in some states POA for Property & Finances.

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An Introduction to Confidentiality Agreement

Confidentiality agreement refers to a written legal agreement between an employee and an employer. It lays out binding terms & conditions which forbid the employee from revealing company’s confidential & proprietary information. This agreement remains in effect for the period of employee’s employment & for a period following employee’s termination. It is also used in various other situations like: -

• Senior and management level job interviews at the time of which company’s confidential information is discussed.
• Contractor or consultant contract & assignment discussions & products ensuing from contractual work.
• Discussions with vendors involving products, parts & other proprietary information sharing.
• Situations which involve stock or purchase, due diligence and other interaction during which company’s confidential information is shared.

The employers get advantage from confidentiality agreement templates, as they stop the parties from sharing company’s knowledge, client or product information, trade secrets, strategic plans & other information which is confidential & proprietary to the company. These agreements state that the person who has signed them cannot disclose or profit from company’s confidential information supplied.

Confidentiality agreement frequently claims company’s ownership of anything which is written, produced, developed or invented during or as a consequence of employment, services, contracts or interviewing if it’s in anyway related to the extent of the company’s business. The agreement should offer a clause which allows an employer to give permission or sign off on to the signer to make use of company’s proprietary information.

When drafting a confidentiality agreement, there are various factors to consider: -

Mutual VS one-way – A few of the agreements cover revelation of confidential information by only one party. On the other hand, other agreements are mutual & cover revelation by both parties.
Non-disclosure & non-use restriction - There are 2 restrictions in this type of agreement. 1. Non-disclosure restriction prevents the recipient from revealing the confidential information to 3rd parties. 2. Non-use restriction prevents the recipient from using the info other than for a specific purpose.
Term – Confidentiality agreements commonly have term of 3 to 5 years. The term basically depends on the tactical value of the info to the discloser.

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Business Documents Required When Buying & Selling Domain Names

Buying & selling of domain names has become quite common. If you are in the business of domain name selling and buying, then having necessary business document templates with you will make your work easier. For those who want to buy or sell domain names, these documents will help them to track their activities on the web.

Here are the business documents which make the task of domain name selling and buying easier. 

Expense Report

Expense Report is quite essential to keep track of all tax-deductible expenses. If you are operating on more than one website, the document will be very helpful to you to manage the things.

Purchase Agreement

When you sell or buy larger domain names, it is essential for you to sign purchase agreement explaining all the transaction details. This will prevent fraud, thus helping in dealing with people to whom you have not met before. If you do not know what to write in this type of agreement, purchase agreement templates are available on the internet which can be easily downloaded. You can fill in required details in the template when you need to make new transactions. 

Formal Offer

This type of document is not essential at the time of buying all domain name purchases, but is quite essential when you are purchasing larger domain names. You have to formalize the offer at the time of purchasing larger domain names. It should not be longer than one page, but keep a copy of the offer with you. The document is necessary because it guarantees that no one tries to lift the price unfairly.

For accessing document templates and editing them as per your requirement, you can download small business software ‘Business Office Pro’ for your needs.

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Business Office Pro 5.1 – A Source To Get All Types Of Business & Legal Forms!

Business Office Pro 5.1 is the form template software that offers you hundreds of legal and business forms at your fingertips. You can edit different forms easily in Microsoft Word or any other text editor & then save them in PDF and Microsoft Excel formats. The software gives you an access to 3500+ business documents and forms including, real estate forms, employment application form and others. With the help of this software, you can search for a particular form with ease, as the software provides an easy search feature. You can open many forms in different tabs simultaneously. Suppose you want to work on promissory note form and power of attorney form side by side, you can open both forms in 2 different tabs.

Using this software provides you the following benefits: -

• It saves your long hours and efforts which were earlier wasted in writing forms from scratch.
• It saves on legal forms creation costs which you have to otherwise pay to legal experts.
• It can instantly upload the forms to Google Docs account.

The software provides you 4 useful resources: -

1. Law Dictionary – It provides the definitions of commonly used legal terms to the users.
2. Calculator – When working on accounting and finance forms and documents, calculator can be accessed from the software itself.
3. Legal Questions and Answers – It provides answers to different questions concerning legal matters.
4. Online Forms – Though the software contains 3500+ forms, but in case you do not find any form, you can access that form through ‘Online Forms’ section.

The software ‘Business Office Pro’ is therefore the best software of its type.

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