Continuity in one of the key elements for any business to survive and thrive.
Lasting Powers of Attorney (LPA) for business owners.
Most business owners do not think about what would happen to their business if they became incapable of running it or making those important day-to-day decisions through physical or mental incapacity.
If you were to become incapacitated, the Court of Protection would consider you to be vulnerable and would have a duty to inform all financial institutions to freeze your personal and business bank accounts and other assets.
Without a Lasting Power of Attorney (LPA), an application would have to be made to the Court of Protection in order for someone to be appointed as your deputy. This process usually takes many months and the costs can be extremely high.
The consequences for your business could be catastrophic…
If orders need to be fulfilled, bills and wages paid, having someone that has the authority to deal with these matters is essential.
A Business LPA is essential
A Lasting Power of Attorney enables the person you trust to take over your financial affairs on your behalf without cost or delay if you were to become incapable of dealing with them yourself.