A corporation is a legal person separate and distinguishable from its owner(s). It may appoint agents, including an attorney-in-fact. But an attorney-in-fact for an owner of a corporation may not act as the attorney-in-fact for the corporation unless the corporation has separately granted him or her its power of attorney.
Similarly, an agent of the corporation may not act as an agent for the corporation's owner, unless the owner himself or herself separately appoints that individual as his/her agent.
It doesn't matter whether the corporation is an S-Corp. or PC or any other variant of a legal entity, including an LLC.
Last edited by John Burnett; 07/03/12 04:36 PM.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8