If you lose mental capacity for a long period without a business LPA in place, an application to the court would be needed instead to appoint someone to act for you, and in the meantime your business could struggle to pay bills or wages while that application is sorted out. Our business lasting power of attorney solicitors, part of our wider wills and probate team, help you put the right arrangements in place before any of that happens.
If an accident or illness stops you running the business yourself, you want the right people in charge, not whoever happens to be available at the time. A business LPA lets you choose someone you trust to keep things moving the way you would want, rather than leaving that decision to chance or to whoever steps in first.
When you are out of action, trading partners can get nervous. Contracts can be cancelled, loans called in, accounts frozen and leases terminated. A business LPA reassures everyone involved and lets someone else negotiate and deal with these issues on your behalf, rather than leaving the business to drift while you are unable to act yourself.
A business LPA lets you appoint attorneys to act on your behalf within the business, give them clear guidance on how you want decisions made, and place checks on what they can decide, and when, so control does not simply pass to them without limits.
This often sits alongside a personal LPA and a Will, so your business and personal affairs are covered by the same clear plan rather than being dealt with separately at different times.
We draw up the LPA, confirm you have the mental capacity to make it, and handle the signature and registration process for you, so setting it up does not become one more thing on your plate while you are trying to run the business day to day.
If you would like to put a business LPA in place, get in touch. Complete our enquiry form or contact your nearest Hine Solicitors office to arrange an appointment. Wendy Flawn, Samantha Stafrace, Adam Bragg and Jade Bacon are among the team who can help.
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