A business Lasting Power of Attorney (LPA) protects your interests and looks after your company at a time when you’re no longer able to do so yourself.
Designed to help in a similar way to standard Lasting Power of Attorneys, business Lasting Power of Attorneys safeguard the interests of a business as well as the interests of its owners and its companies.
Why Have A Business LPA?
With a business LPA, you can appoint one or more Business Guardians who are able to oversee the running of your business for a short or extended period of time.
Having a business LPA in place gives you the peace of mind and security that, should you lose mental capacity at any time due to a serious illness or accident, your business won’t suffer a big disruption to its day-to-day operations.
Business owners who can benefit from appointing an attorney, include:
- Sole traders
What Happens If A Business Owner Loses Capacity & Has No Lasting Power of Attorney?
If you suddenly became unable to make commercial decisions but had no LPA in place, this could have a serious impact on your business.
Your business could be affected badly with difficulties including no one able to:
- Sign documents
- Access your bank accounts
- Authorise staff payments
- Order supplies
It can take months for someone to make an application to the Court of Protection to request the court appoint them as deputy in order to make decisions on your behalf, and is more expensive than creating an LPA in the first place.
How We Can Help You Create A Business LPA
Our specialist Wills and Probate solicitors at Bartletts are here to help you ensure every aspect of your business is protected by putting a business LPA in place.
We will assist you at every stage of drafting a business LPA including making sure the Business Guardians you choose are the right people for your firm.