Can someone give me some information on this?
The scenario is that there is a private limited company with two directors. One director is basically just a 'silent' director (or whatever the appropriate terminology should be!) i.e. they don't do anything, they were just willing to provide their name on the legal documents etc to help the first director (and sole shareholder) meet the legal requirements to have two directors for the limited company.
Can they arrange a power of attorney in order to set out in writing that the 2nd director has no say over the running of the company? Is there a specific name for this type of power of attorney and can you get a fairly standard document drawn up by a solicitor without too much time and cost? Or would this not be a particularly common request and therefore unlikely that a solicitor would be able to sort it out quickly?
There are no trust problems between the two directors or anything like that. The reason for the power of attorney is to do with giving peace of mind to a possible third party investor.
The scenario is that there is a private limited company with two directors. One director is basically just a 'silent' director (or whatever the appropriate terminology should be!) i.e. they don't do anything, they were just willing to provide their name on the legal documents etc to help the first director (and sole shareholder) meet the legal requirements to have two directors for the limited company.
Can they arrange a power of attorney in order to set out in writing that the 2nd director has no say over the running of the company? Is there a specific name for this type of power of attorney and can you get a fairly standard document drawn up by a solicitor without too much time and cost? Or would this not be a particularly common request and therefore unlikely that a solicitor would be able to sort it out quickly?
There are no trust problems between the two directors or anything like that. The reason for the power of attorney is to do with giving peace of mind to a possible third party investor.