Lasting Power of Attorney – Business Owners
Jarmans Solicitors advise Business Owners in respect of Lasting Power of Attorney.
For business owners, it’s important to consider what would happen to your business in the event of your illness or sudden incapacity. Who would make the decisions to needed to keep your business running and operating?
Jarmans Solicitors recommend that all sole traders, individual business owners and partners ensure that a Lasting Power of Attorney is in place in order to keep your business affairs in order.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney allows you to appoint a trusted individual to look after all of your business affairs if you no longer have the mental capacity to manage and run the business yourself. Losing your mental capacity can happen at any time, whether that is through a sudden or long-term illness, accident or mental health issues and stress, making sure that there is someone you trust to look after your business affairs.
While you may already have a Lasting Power of Attorney for your personal affairs, it may be advisable to consider appointing a different person to look after your business affairs. Jarmans Solicitors can advise you on a range of supportive measures so that you can assure the continuity of the business you have worked hard to build up if you are no longer able to make decisions yourself. These can include incorporating appropriate guidance and instructions within the business LPA, and signing supportive documents to further protect the business.
Email or call us for more information or to speak to one of our solicitors about setting up a business LPA. Don’t forget that aside from an LPA it is extremely important that a Shareholder Agreement is in place.
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