Protect your business with the help of advice and support from our expert solicitors.
If you become subject to a mental illness or cognitive impairment, then not only do you need someone to look out for your wellbeing, but it is also key to protect any businesses that you have worked so hard to grow. Appointing a Lasting Power of Attorney (LPA) specifically to look after your business assets and affairs is very important.
At Moore Barlow, our solicitors specialise in this area of law and will provide you with whatever advice you need.
What is a business power of attorney?
This is when an LPA is appointed to make sure that decisions are made in the best interest of the mentally incapacitated individual and their organisation. It acts as a way to ensure that business can continue even when the individual cannot work as usual.
If you do not appoint a business LPA and then become incapacitated, it could put your business at risk, meaning that if you ever recover you may have lost your source of income.
What decisions can a business LPA make?
Those appointed as LPA for a business or organisation can make a number of decisions on the behalf of the incapacitated, with just some being:
- Dissolving partnerships
- Both entering and ending contracts
- Authorising business loans
The weight of decisions like these could affect the fate of a business, which is why it is so important to make sure whoever is appointed can be trusted, as well as look out for the best interests of the business at all times.
Can you use a business LPA prior to incapacity?
Yes, in order for the LPA in question to fully understand the business and make good well-informed decisions, it can be useful for them to take on their role whilst the individual is still of mental capacity. It also means that if they are not right for the position, then their LPA can be revoked.
Do I need to appoint a business LPA?
Whilst it is not legally necessary for you to appoint a business LPA, it is wise as it means you can make sure your business is looked after by someone you trust. Choosing the attorney, yourself means that you can be sure they will make the decisions that are in the best interest of the business, and not themselves.
Why choose Moore Barlow?
Our approach is different to other law firms, providing you with a bespoke legal service that helps nurture a relationship between us and our clients. We guarantee you will have access to a talented team of solicitors who specialise in their area of law, ready to give you whatever support and advice you need. At Moore Barlow, our personalised approach is what sets us apart from other firms, helping you through what may be a difficult time in your life.