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The Law Society - Conveyancing

20

Feb

2015

Lasting Powers of Attorney for Business Owners

The advantages and protections offered by the creation of Lasting Powers of Attorney to appoint a chosen representative(s) to manage your affairs in the event of a lack of capacity are multiple and self-evident – it is rare to be able to pinpoint and anticipate a loss of capacity to manage these affairs accurately, and so the Lasting Power of Attorney acts as a form of insurance policy.  We particularly recommend the creation of Lasting Powers of Attorneys by those in sole control of the funds or property which would need to be accessed in order to fund any care, but this is equally applicable to those who own businesses, whether as partners, sole traders or company directors.

The unexpected incapacity of a business owner – whether by accident or illness – can have a significant impact on the running of a business unless provision is put in place.  Unless other provision has been made, it is highly unlikely that family or employees would have the necessary authority to run the business on a daily basis, most particularly where access to accounts or dealings with property were required.

We would consequently recommend that clients not only create Lasting Powers of Attorney to provide for the onward management of their business as well as personal affairs in the event of their incapacity,  but also that they ensure that any Partnership Agreements, Memorandum and Articles of Association provide for dealing with ongoing business matters in the event of their incapacity or even death.  The latter requires specific provision by Will as well as in the appropriate company or partnership documentation.

If you would like advice about the creation of Lasting Powers of Attorney, Wills or partnership/company documentation to provide for incapacity or death, our team of lawyers would be happy to assist.

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