Do you Own a Business – have you considered a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows individuals to appoint someone to make decisions on their behalf, should they become incapable of making those decisions themselves. Business owners can create LPAs that specifically address their business affairs. Here are some benefits of having an LPA for business owners:
- Continuity in Business Operations: An LPA can help ensure that business operations continue smoothly if the owner becomes unable to manage the business due to illness, incapacity, or other reasons. This can be particularly important for small businesses or family-owned enterprises.
- Protection of Business Interests: The appointed attorney can make decisions to protect the business’s interests, such as signing contracts, managing finances, or making critical decisions, based on the owner’s predetermined preferences and guidelines.
- Avoiding Business Disruption: Without an LPA, if a business owner becomes incapacitated, it may result in legal and financial complications. An LPA can help prevent disruptions and delays in business activities.
- Financial Management: The attorney appointed in the LPA can handle financial matters related to the business, such as paying bills, managing accounts, and ensuring employees are paid on time.
- Succession Planning: An LPA can be a part of a broader succession plan. It allows the owner to choose someone who understands the business and its operations to step in when needed.
- Peace of Mind: Having an LPA in place can provide peace of mind to business owners, knowing that their business interests are protected, and their wishes will be followed even if they cannot make decisions themselves.
It’s important to consult with all your professionals who help you with your business when creating an LPA for business matters to ensure that the document is legally sound and aligns with the specific needs of the business and the owner. If you would like to arrange a meeting to discuss your LPA, please contact our team on 0203 301 6600 or email@example.com.