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:- Shareholders
- Sole traders
- Partners
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
