Questions & Answers
Revoking a power of attorney to a shareholder in an LLC Company
3 years ago, I agreed to sign my name to a trade license as a shareholding Managing Director.
I did so as a favour to our group chairman. I have lost faith/control and I am worried about what is being done with my identity. All documents/operation are with the 2nd partner and local sponsor (51%).
I am not active in the business neither do I know what is happening. I realize the high risk but agreed in trust, now with great regret. I signed a POA last year after leaving the country for another project.
It was limited to 6 months which has since expired. How can I remove my name?
The 2nd partner continues to use the sponsor's availability (or lack thereof) as an excuse for why he cannot do so.
Dear Questioner,
I would suggest submitting your resignation from your current position, together with the cancellation of the POA issued under your name (the cancellation of the POA must be done at the Notary Public).
Based on your resignation, if the partners are in good faith, they should remove your name from the company documents.
In order to remove your name, they should prepare an addendum to the Memorandum and Articles of Association signed by both partners in front of the Notary Public.
Best regards,
Raluca Gatina
