If you become unable to make decisions regarding your business, who is going to pay your bills and staff? Will your business be able to continue? Will the credit rating of the business be affected by non-payment?
A business LPA allows someone to make decisions relating to your business. In many cases your personal partner may not be the best person to take over this role, depending on their knowledge of the business. There may also be instances where more than one signature is required on a document. Often the articles of association will detail what should happen if a business partner dies, but do not cover what should happen if they lose capacity.
Want to know more about making a business power of attorney? Here are the answers to a few of our most commonly asked questions. If your question isn’t answered here, or you’re looking for tailored advice, please get in touch today.
In some cases, your personal partner may not know enough about your business to be able to take over the day to day running of the business. For professional services the attorney may need to have specific qualifications to act in your place. If they have the skills, do they have the time to run the business on top of their own responsibilities?
These may be the best people to act on your behalf, but care should be taken that there are sufficient people able to make big decisions. Articles of association will state how many signatures are required to make decisions eg agreeing contracts, authorising payments, signing off loans. Therefore, all directors/partners should have an LPA.
In the same way as personal accounts, if someone who is a signatory on an account loses capacity the bank can freeze the bank accounts, meaning no-one can access the funds.
The Equality Act 2010 prohibits discrimination on the grounds of mental disability. Further, the Mental Health Act 2013 makes it illegal to remove a director on these grounds.
Strokes happen every 5 minutes and 25% of people having strokes are of working age.
Head Injuries happen every three minutes. Accidents travelling, in the workplace at home or through sports are common causes of brain injury.
Dementia can happen at any age and can be triggered by head injuries.
Don’t leave your business vulnerable to the unexpected. A Business Lasting Power of Attorney ensures your business can continue to operate smoothly, even if you lose the ability to make decisions. Get in touch today to safeguard your legacy!
We’re looking forward to helping you get your estate planning sorted.
Don’t worry if you’re not sure where to start. We’re here to guide you through the process.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
