Protecting your business with a Lasting Power of Attorney

Protecting your business with a Lasting Power of Attorney

Since 2008 times for business owners have been pretty tough and we have all probably faced challenges we hope we never will  have to face again.

However, imagine what could happen if the person running a business on a day to day basis  suddenly found themselves physically or mentally incapable, or stranded abroad, with no-one with the authority to make decisions, pay bills or wages, or sign contracts.

In these situations a Lasting Power of Attorney, focussed on and restricted to your business affairs, can give you some comfort by ensuring that the right person with the right powers will be in place to make sure that your business will not unduly suffer during your absence, for whatever reason.

Of course most businesses  have employees and key people to help  run the  business, but whether you are a Sole Trader, Partner or Director of a privately owned company you should consider a Lasting Power of Attorney.

A Lasting Power of Attorney (LPA)  for property and financial affairs allows you to appoint one or possibly several people, who you trust.

It has happened, although rarely, that businesses have folded for the want of somebody able to carry out the functions of the business owner who is unexpectedly absent.

Simply put, a LPA  appointing someone trusted with a good business head, who is  authorised to make decisions, can be the difference between your business surviving your absence or not.

If you have any questions or queries about LPAs please contact James Trescothick-Martin on 01225 462871.

 

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