Setting up and running a business can be hard work, and often doesn’t leave much time to think about yourself. But have you thought of what might happen if you are no longer able to make decisions for your company? It can be a good idea to have a Lasting Power of Attorney (LPA) in place for your business affairs.
What is a Lasting Power of Attorney?
Lasting Power of Attorney refers to the process of appointing somebody to make decisions on your behalf.
There are two scenarios in which you would benefit from having a Lasting Power of Attorney for your business.
One would be if you’re out of the country, either on business or for pleasure. Perhaps you’re semi-retired and enjoying those long-awaited overseas holidays, or perhaps your business takes you abroad frequently and you’re not in the office to make those every day decisions that affect your business and staff.
The other scenario might be if you’ve had an accident or illness, and are away from the workplace, either receiving treatment or sadly no longer able to make sound decisions.
Who should I appoint?
Whilst in your personal life it might be relatively straightforward to assign a lasting power of attorney, perhaps to your husband, wife or children, it can be very different in business. You need somebody who really knows and understands your business, and who you trust implicitly to make often difficult decisions in your absence.
How do I start a business LPA?
Leave plenty of time to go through the process. It can take several months, and it’s best to do it well in advance of when you might need to, so that you know it’s all sorted. Cartridges Law can help you with every step of the process. We work with clients to ensure that they have an LPA that really works for them, and we find that it’s a huge weight off their shoulders to have this set up.
At Cartridges Law we provide commercial and personal legal services for small business owners. Contact us for an initial conversation with a member of our private client team.