Lasting Power of Attorney
As business owners, we are all emerging from an unprecedented time. And we managed it! But has it made you think about how your business was protected and what would have happened if you had become ill and unable to work? The COVID crisis has led many of us to think about Business Continuity, which for many could mean Business Survival.
Many people now make Lasting Powers of Attorney (LPA) for their personal affairs. But have you thought about making one for your business affairs?
As a business owner, consider a situation where you couldn't run your business – maybe because of illness, an accident, or even because you simply need a break. You may assume your business partner, one of your staff or even a family member can deal with the running of your business if you aren’t able. However, banks act fairly quickly and your business accounts could be frozen or your overdraft recalled. That could mean no one having access to funds to pay bills, wages etc, and business activity could quickly grind to a halt.
Having a Lasting Power of Attorney in place for your business affairs allows your attorneys to make (or help you make) decisions about things like:
Arranging insurances and services
Signing legal documentation
Entering into new service agreements for new clients
You can’t make an LPA if you don’t have the capacity to do so. So think about it like insurance for your business. Do it now, put the document somewhere safe and it can be used if you ever need to in the future. If you don’t have an LPA in place and the worst does happen, someone would have to apply to the Courts to run your business – and this can cost £3000 initially, plus ongoing fees.
Our Business LPA service costs only £150 - £250, depending on your company type, plus a registration fee of £82, but fellow Chamber members can take advantage of a 10% discount.
Don’t leave making an LPA for the future. Contact us now to arrange an initial discussion to protect your business. Call on 01524 571032 or email firstname.lastname@example.org or via our website at www.morecambebaywills.co.uk