Whether your business is run as a sole trader, partnership, LLP or a limited company, as part of business continuity planning you should consider a Business Lasting Power of Attorney (LPA).
A Business LPA will ensure that if you lose mental capacity (or are otherwise incapacitated) or have to go abroad that your business continues to trade. Without a Business LPA if the decision maker is not able to make decisions and there are no attorneys in place to take over this role the risk is that suppliers and staff may be unpaid and key actions that need to be taken are missed resulting in the business failing.
Although partnerships can cover this in a carefully worded partnership agreement and limited companies can update their articles of association (and to a certain extent rely on a carefully worded shareholders agreement if the directors are also shareholders) in the case of a sole trader there is nothing else to fall back on.
How can we help?
We are pleased to announce that we can now offer a business LPA service for business owners to ensure that these concerns are met.
To find out more please contact us on firstname.lastname@example.org or 01980 676875.