Lasting Powers Of Attorney For Business Owners
Do I need one? If you own or are part of a business, then the likely answer is Yes!
What would happen to your business if you were unable to make decisions such as:
- Abroad? Holidaying or getting stuck
- If you have an accident
- What about a medical condition that incapacitated you
Who will sort ALL of your business requirements?
You can't assume people will be able to step in, you need to make sure they are legally entitled. This assumption to cause immense problems.
Consider making this today!
Is it right for me?
Almost always, yes. Consider what would happen if you weren’t there, can the business function without you having ANY input?
You may feel the business would just fold if you became incapacitated. Well, this could be true, but it may cause your business to run into extra hardship which could have been avoided. You may incur expenses which would have been wholly avoidable with the right power of attorney in place.
Check your agreement! Again, can this business function entirely without you. Does the agreement allow you to make a Lasting Power of Attorney, as some partnerships will have this already in agreement? Seek advice as to what wording we can incorporate into your business Lasting Power of Attorney; we can ensure no conflicts with your contractual agreements under the partnership.
As above, you will need to check. The company’s articles of association can provide certain requirements, we can of course review this for you. Often the lack of capacity of a director can lead to termination, a business Lasting power of Attorney can save this from happening! It might be a short term issue where a Lasting Power of Attorney can help to company through a short term of incapacity without requiring the director to forfeit his or her position within the company.
Can I make an LPA covering your personal and business affairs?
You can, but it might not always be appropriate. For instance, you may wish to appoint a business partner/director to run the business short term but they may not be the same person you want dealing with your personal savings and/or investments.
We can guide you on this and make recommendations. You should be very specific about your business and personal Lasting Powers of Attorney ensuring they look after you in the specific guidelines you set.
What happens if I don’t make a business LPA?
Your business could incur costly and expensive fees. People may be force to apply to the Court of Protections, which again, can be extremely expensive and time consuming for those around you. There is no guarantee the Court will appoint who you wanted to look after you!
It could also take more than six months before a deputy is appointed, during which time your business may be vulnerable and at risk.
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For your legal needs
We provide a unique and personal service by delivering the highest quality legal services and advice in a down to earth manner.
As your solicitors we will be at your side throughout your case, we will listen to you with care and understanding, and give you clear expert advice based on over 35 years’ experience in wills, probate and family law.
So, you can have complete confidence that you are receiving the best legal advice to achieve the best outcome in your case.