Lasting Powers of Attorney – for business owners
If you are a business owner, having a business Lasting Power of Attorney (LPA) can give you protection if something unforeseen happens. The document will give your attorney or attorneys the authority they need to deal with matters should you not be around to manage them yourself.
Without a business LPA, your organisation could face serious difficulties should you ever be incapacitated or unable to handle affairs because you are overseas. This could cause complications with issues such as dealing with suppliers or paying salaries.
At Toner Legal, our experienced business LPA solicitors can work with you to draft a comprehensive document that will give your attorneys the powers they need to handle matters in your absence.
To speak to one of our expert business Lasting Power of Attorney solicitors, call our team on 0207 118 9218 or complete a Free Online Enquiry and we will contact you.
What is a business Lasting Power of Attorney?
A business LPA is a legal document that gives chosen attorneys the authority to carry out specified actions relating to your business on your behalf.
Why is a business Lasting Power of Attorney necessary?
If you own a business and are responsible for its day-to-day running, there are likely to be substantial problems should you ever be unavailable to make decisions, authorise payments and manage other matters. This could be because of an unexpected illness, accident or incapacity or because you are out of contact overseas.
By putting a business LPA in place, you will have the reassurance of knowing that your attorney can take over seamlessly, should this ever be necessary.
What goes in a business Lasting Power of Attorney?
We can work with you to establish what needs to be included in your business LPA and what authority may already exist, for example, within partnership or company documents such as a partnership agreement or articles of association.
We will ensure that your business LPA does not conflict with any existing powers and advise on the provisions that your attorneys will need to enable them to carry on your business without difficulty. This will generally include authority relating to:
- Accessing bank accounts
- Making business decisions
- Agreeing on and signing contracts
- Staffing matters
- Decisions relating to property
- Dealing with tax affairs
- Instructing professionals such as lawyers and accountants
Business Lasting Power of Attorney FAQs
Do I need to register a business LPA?
A business LPA must be registered with the Office of the Public Guardian (OPG) before it can be used. This takes several weeks, so it is always advisable to deal with this as soon as the document has been signed so that it is available immediately, should it be needed.
Once it has been registered, you can choose to use it if you ever want your attorney to deal with something. Alternatively, you can keep it to be used in the event you become incapacitated. You should advise your attorneys that it is in place so that they can access it if necessary.
Who should I choose as my business attorney under my LPA?
It is crucial to choose the right person to act as your business attorney. This will usually be someone who is familiar with your business and whom you believe will make similar decisions to those you would make.
Unless you have a close family member who understands the business thoroughly, it is generally better to choose someone within the business. This will give the operation a good chance of continuing smoothly if an attorney has to step in.
Alternatively, you may want to appoint a professional who has the expertise to deal with matters on your behalf.
You can choose more than one attorney if you wish and stipulate which decisions can be made solely and which, if any, you want to be made jointly. You can also name back-up or replacement attorneys who could take on the role should your original choice be unable or unwilling to act.
What happens if I do not have a business Lasting Power of Attorney?
Should you become incapacitated, and you do not have a business LPA, then your organisation could find itself unable to carry out basic transactions such as paying bills or signing agreements. If your incapacity is long-term, the bank could freeze accounts, and this is likely to be damaging to both day-to-day business and to your organisation’s reputation.
Can I use my business LPA for personal financial matters?
Your business LPA will not cover personal finances. You can make a separate LPA for your own property and financial affairs and choose different attorneys for this. It is also possible to make a health and welfare LPA.
Contact our business Lasting Power of Attorney solicitors
If you are a business owner, talk to us today about putting a business Lasting Power of Attorney in place to safeguard your organisation. We are highly experienced in drafting business LPAs and will ensure that it includes the authority your attorney will need to carry on operations, should you be absent or unable to deal with matters yourself.
To speak to one of our expert business Lasting Power of Attorney solicitors, call our team on 0207 118 9218 or complete a Free Online Enquiry and we will contact you.