Q: Can a POA add themselves as member to an existing LLC and joint owner to a bank account owned by the principal?
Can a power-of-attorney (POA) add themselves as member to an existing LLC and joint owner of a bank account owned by the principal or are these acts a breach of fiduciary duty (e.g., self-dealing, embezzlement), in particular, if the principal was incapacitated during the change? The LLC in question owns various properties with a total worth north of 350 thousand dollars. Where can I locate the Certificate of Amendment filed in order to make those changes? Thank you in advance.
A: I strongly suggest you speak to an attorney. This type of question is beyond the scope of the Justia Ask a Lawyer service.
A: You are going to need to meet with an experienced corporate and civil litigation attorney to have all the necessary documents reviewed and be provided with your options. You can expect to pay for an hour of attorney time to review all the documents and then make a decision. With modern technology, you can be represented by any high-quality attorney in New Jersey irrespective of geography. Pick the best attorney you can find and remember one rule: a good attorney is generally never cheap, and a cheap attorney is generally never good so don't choose based on price.
Peter J. Weinman agrees with this answer
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