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Lasting Powers of Attorney – Business

I have mentioned before in this column, the importance of putting a Lasting Power of Attorney in place.  This has centred on an individual’s needs and decisions that need to be made in day to day life.  You may also need to consider what would happen if you own your own business, whether that be a Limited Company, a Partnership or acting as a Sole Trader.  If you were unable to go to work one day following an accident or illness, who would keep the business ticking over in your absence?  Who would pay the wages to your employees or ensure that supplier’s invoices are settled in time?  Unexpected incapacity may impact significantly on the day to day running of your business. 

Sometimes, lack of capacity is a gradual process, allowing time to put plans in place for the future of your business.  Sometimes it is not and a sudden accident or illness can have a devastating effect on your business, leaving those around you powerless to help.

By putting a Lasting Power of Attorney in place you can choose an appropriate person, with the knowledge and understanding of your business, to act on your behalf in such circumstances.  Your chosen Attorney for your business decisions may be a different person to someone you would choose to make your personal and financial decisions and therefore a separate Lasting Power of Attorney should be made for your business needs. 

It is important to take legal advice when considering a Business Lasting Power of Attorney so that this can be viewed in light of your business structure.

For further information about this please contact Samantha Lloyd on 01905 723 561 or email

Added: 18 Jul 2017 11:26

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