A Business Lasting Power of Attorney (LPA) is a form of Lasting Power of Attorney and an effective way of protecting your business from the operational impact of sudden and unforeseen absence.
It is a legally binding document, dealing with business assets only, which assigns one or more trusted people to help you make decisions or to make decisions on your behalf if you are unable to do so.
Business LPA’s can be as detailed as you like and can appoint multiple Attorneys to handle different areas of the business. They provide a platform for you to explain to your Attorney(s) exactly how you would like your business to be run and what they should do with it in certain sets of circumstances. This may include the way in which they continue to keep it going whilst you are unable to, or the steps you would like them to take to close the business by way of sale, transfer or otherwise.
Your Business LPA should also give permission to your Attorney(s) to employ the services of other professionals, generally or specifically, to assist them.
Wills have always been an important part of succession planning for business owners and investors. Without a Will to direct how your professional interests should be managed, your business could face immediate operational issues and your estate may be dealt with in a way which depreciates its value.
Effective succession and inheritance tax planning ensures that when the time comes, assets are passed on to the right people in a way that maximises the available tax reliefs.
We call Wills which contain important directions regarding business and professional interests, Business Wills.
Whatever your age, the sad reality is that anyone can become incapacitated or worse through illness or accident.
Ask yourself what you want to happen to your business interests if you are suddenly unable to manage them yourself? Do you really want to leave that to chance?
We specialise in helping business owners, directors and investors protect their professional interests from personal life events so they can achieve their ambitions and leave a legacy to those they intended. Please read our blogs:
Filed Under: Insight