A Lasting Power of Attorney (LPA) is a legal document that allows you (the donor) to appoint one or more people (the attorneys) to help you make decisions, or make decisions on your behalf should you have an accident or illness that means you lack the mental capacity to do so on your own. This refers to matters of safeguarding property or investments.
More recently, the law has changed to enable an attorney to step in and look after the day-to-day running of a business. This provides owners of companies and partnerships comfort, as their respective business can continue to function whilst their interests are represented at board or partnership level.
Business LPA’s are a useful way to help structure governance and plan for the future. It may also be beneficial for stakeholders, investors and institutional lenders to see a Business LPA in place, as this would provide reassurance that a business can run smoothly in the event of incapacity of a senior member of management.
For more information on how a Lasting Power of Attorney can help protect your business, please contact Stuart Mullins in our Business Services department.
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