Business Lasting Powers of Attorney
What If Your Business Carries On... But You Can't?
Most business owners spend years building successful businesses.
They protect against fire.
They insure against theft.
They prepare for economic uncertainty.
But many never consider one of the greatest risks of all...
What happens if you're still alive but no longer able to make business decisions?
Loss of mental capacity can happen at any age through illness, accident or injury.
Without the right legal authority in place, even the people closest to you may be unable to keep your business running.
At Trafalgar Estate Planning, we help business owners put the right arrangements in place so that if the unexpected happens, the business they've worked so hard to build can continue operating.
THE RISK
Loss of mental capacity can happen at any age through illness, accident or injury.
If it happens, your spouse, business partner, fellow director or family members do not automatically have authority to run your business affairs.
Bank accounts may become inaccessible.
Contracts may remain unsigned.
Staff still need paying.
Tenants still need managing.
Opportunities can be lost while somebody applies to the Court of Protection for authority to act.
For many businesses, delays of even a few weeks can create significant financial and operational problems.
THE SOLUTION
A Business Lasting Power of Attorney allows you to appoint trusted individuals to make business decisions on your behalf if you lose mental capacity.
It helps ensure the business can continue operating whilst protecting everything you have worked so hard to build.
Rather than leaving important decisions to chance or lengthy court processes, your chosen attorneys can continue acting in accordance with your wishes.
WHY A BUSINESS LPA MATTERS
Without a Business Lasting Power of Attorney:
Business bank accounts may become inaccessible.
Contracts may remain unsigned.
Employees may not be paid on time.
Suppliers may stop deliveries.
Business opportunities may be lost.
The Court of Protection may need to appoint someone to manage your affairs.
For many businesses, this uncertainty can place enormous pressure on staff, customers, suppliers and family members.
A Business LPA provides certainty at the very moment your business needs it most.
WHO SHOULD CONSIDER A BUSINESS LPA?
A Business Lasting Power of Attorney can be particularly valuable if you are:
A Company Director
A Shareholder
A Business Owner
A Partner in a Partnership
A Sole Trader
A Property Portfolio Owner
Every business is different.
The most appropriate arrangements depend on your ownership structure and the way your business operates.
HOW DOES A BUSINESS LPA WORK WITH YOUR OTHER PLANNING?
A Business Lasting Power of Attorney protects your business whilst you are alive but unable to make decisions.
It forms one part of a wider business protection strategy that may also include:
Business Owners Wills
Shareholder Agreements
Partnership Agreements
Cross Option Agreements
Business Protection Life Assurance
Succession Planning
Together, these help protect your business during your lifetime and ensure it can continue successfully for future generations.
RELATED
SERVICES
Protecting your business and property portfolio often involves several areas of planning.
You may also wish to explore:
→Business Owners & Property Portfolio Planning
Joined-up planning for business owners and property investors.
Protect what happens to your business interests after your death
See how joined-up planning has helped other business owners and property investors.