Lasting powers of attorney for business owners
Lasting Powers of Attorney (LPAs) are documents you can sign which appoint others to make decisions for you in the future if you become physically or mentally unable to make decisions.
For business owners, financial LPAs are often crucial to ensure the continuation of your business if you become incapable of running it.
If you are the person responsible for running a business, that business will still need to be managed if you become incapacitated. Staff and suppliers will need to be paid and money due to the business needs to be collected.
By thinking about who would carry out these tasks, and the multitude of other tasks which are required to run your business, you are ensuring that the business can either continue or be wound down by your attorneys in the best possible way depending on your circumstances. If you became temporarily incapacitated, attorneys could step in to keep the business going whilst you recover and resume control when you are able to do so.
A financial LPA for a business owner is an integral part of a business owner's key legal documentation and sits alongside any business insurance you have in place.
LPAs must be registered at the Office of the Public Guardian before they can be used, registration incurs a fee of £82 per document.
If you are a business owner and don't have an LPA in place for your business, your family or individuals in your business will need to apply to the Court of Protection for permission to make decisions on your behalf. This is a lengthy and more costly process than putting LPAs in place when you are fit and able to do so. There is a risk that the business would simply fold in the time it took to obtain Court approval.
Our team can talk to you about business LPAs and whether they are right for you depending on the structure of your business. Prices for business LPAs start at £350.