Legal Representation

Attorney-at-Law
An attorney-at-law is a professional authorized to practice law in a specific jurisdiction, engaging in both civil and criminal legal activities on behalf of clients.
Attorney-in-Fact
An attorney-in-fact is an individual who is authorized to act on behalf of another person under a power of attorney, which can be general or limited in scope. This designation does not require the individual to be an attorney-at-law.
Counsel
Counsel refers to an attorney or legal adviser who provides advice or aid concerning legal matters. Counsel can represent clients in court, offer legal opinions, and guide individuals and businesses through legal complexities.
Dummy
A dummy refers to an individual or entity that stands in place of the principal to a transaction, sometimes used to avoid personal liability.
Mandate
A mandate is a written authority given by one individual (the mandator) to another (the mandatory), allowing the latter to act on the former's behalf. This authority can cover matters such as banking instructions and legal representation.
Nominee
A nominee is a person named by another (the nominator) to act on his or her behalf, often to conceal the identity of the nominator. This concept is frequently used in various financial and legal contexts, particularly in nominee shareholding.
Power of Attorney (POA)
A Power of Attorney (POA) is a legal document that allows an individual, known as the principal, to designate another person, called the agent or attorney-in-fact, to make decisions and act on their behalf in specified matters.
Power of Attorney (POA)
Power of Attorney (POA) is a legal instrument that allows one person (the principal) to appoint another (the agent or attorney-in-fact) to act on their behalf in various capacities, such as managing property or financial matters.
Representation
Representation involves professional assistance or fiduciary advocacy in a transaction or negotiation, ensuring that the interests of a party are effectively promoted and protected.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.