Commercial Powers of Attorney
As a Business Owner or Company Director, you will be well aware of the numerous decisions you are required to make on a daily basis to ensure the smooth running of your business. Have you ever wondered what would happen to your business if you become incapacitated and unable to make those decisions?
People tend to think a lack of capacity is a gradual process linked to old age; however, this is just not the case. You may not be able to make certain decisions if you are out of the country, have had a serious accident, or have become unwell mentally or physically, which incapacitates you.
Any one of these circumstances could leave your business in a vulnerable position and exposed to risk.
To protect your interests and those that depend on your company, you should consider making a Commercial Lasting Powers of Attorney (LPA). This appointed person will ensure those important everyday decisions are able to be made in your absence, ensuring continuation in the day-to-day running of your business.
It is recommended that the appointed person chosen, should be someone who is knowledgeable of the business. Often other directors or partners within the business would be appropriate, or if a sole trader, someone else with detailed knowledge of how things are run.
The specialist teams can help you with creating a Commercial LPA, providing you with complete peace of mind that your affairs are in order.
For further information please contact a member of the Commercial team.