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November 15, 2011
A limited power of attorney is a legal form utilized to appoint an attorney-in-fact to engage in a specific transaction for a specific period of time. The attorney-in-fact is not authorized to perform any acts other than what is stated in the POA form.
A common use of limited power of attorney is to allow another person to engage in financial transactions. Examples could be letting a person manage checking and savings accounts by making deposits, transferring funds, or paying bills. Another use would be to authorize your agent to sell a car or piece of real estate.
Limited POA should not be confused with other types of forms such as durable power of attorney or general power of attorney. These kinds of POA forms grant broad powers that allow agents to conduct many kinds of transactions and have access to sensitive financial and healthcare information.
August 02, 2011
Business banking is essential for every company regardless of size. It is essential to maintain separate accounts for personal and business transactions in order to deduct allowable expenses on tax returns. Combining accounts can be harmful and potentially cause business owners to lose out on certain tax deductions.
A variety of business banking options exists. Companies can select from basic business checking accounts to online banking. Most banks offer options to tie-in accounts to accounting software such as QuickBooks or engage in direct deposit payroll.
June 29, 2011
Business banking has evolved over recent years and offers companies conveniences never experienced before. Nearly any type of banking transaction can be performed from the office, home, or while on the road, allowing companies to efficiently remit accounts payable, payroll checks, or quickly provide funds to close a deal.
The cost of business banking varies by banks and credit unions. Much depends on the number of services used by the business, along with daily average balances, and types of transactions that occur.