Are you up-to-date with your BUSINESS LASTING POWER OF ATTORNEY, or do you even have one?
As a business owner or self-employed person, it is important to consider what would happen to your business if you were unable to make decisions. Who will take control if:
- You were abroad on holiday or for business?
- You were to have an accident?
- You were to have a medical condition that incapacitated you?
Have you thought who will authorise the payment of bills, pay salaries, etc? Don't assume that a family member or business colleague will have the authority to make these decisions on your behalf – your business could be exposed to risk. To protect your business interests, this is when you should consider whether a Business LPA is right for you.
Can you make an LPA covering your personal and business affairs?
It may be possible to have just the one LPA, appointing attorneys to manage your personal assets and your business assets. However, it may not be appropriate for the same person to make both personal and business decisions, due to potential conflict of interests. You could consider making an LPA appointing certain attorneys to manage your personal assets and others to manage your business assets. Fortunately, it is possible to make more than one LPA, so you could consider making one for your personal affairs and a separate one for your business affairs.
Whatever your situation Brooks & Partners are here to help.
So, if you don’t already have an LPA or your circumstances have recently changed, you must ensure your business and your loved ones are fully protected for the future. Call our expert Solicitor Mike Brown to arrange a FREE REVIEW or to discuss our Fixed-Fee Business LPAs on 01276 681217.
NB: did you know that an LPA is an allowable business expense, so you can claim the tax back on our fee?