What is a Business Lasting Power of Attorney?
As a Company Director, Shareholder, Partner or Sole Trader it would be in your best interests to ensure appropriate action is taken in the event that you were to lose capacity and be unable to make business decisions yourself.
A Business Lasting Power of Attorney (BLPA) is a document that allows you to appoint a person or a number of people to have a legal right to act on your behalf in relation to your business affairs. These people are called your Attorneys.
The document will be a Lasting Power of Attorney for Property and Financial Affairs, which will be drafted so that it will appoint your chosen Attorneys to deal specifically with your business or business interests.
It is very important to carefully choose which Attorneys are to act in relation to your business; they should have qualifications and experience that would assist them in making business decisions on your behalf.
Before the BLPA can be used, it must be registered with the Office of the Public Guardian – this is the public body that governs Lasting Powers of Attorney and actions taken by an Attorney on your behalf.
Wolferstans’ Lasting Power of Attorney solicitors can advise you on every aspect of making a Business LPA, ensuring your wishes are accurately reflected and that your business can run effectively if you ever become incapacitated.
Contact out Business LPA solicitors now
Our efficient, reliable Business Lasting Power of Attorney service
What we will do for you:
- Face-to-face meeting at either our office or your business premises.
- Review of Articles of Association/Partnership Agreement.
- Companies House search if necessary.
- Amend Articles if necessary by special resolution.
- Preparation of the Business Lasting Power of Attorney.
- Registration of the Business Lasting Power of Attorney.
- Liaise with our colleagues in the Business Services Team to ensure your business needs are met
Why do I need a Business Lasting Power of Attorney?
You may have chosen a close family member or friend to act as your personal Attorney in relation to property and financial affairs. However, those people may not have the necessary skills and expertise in order to make business decisions on your behalf. Choosing appropriate Attorneys to specifically manage your business matters would ensure that your business affairs run as smoothly as possible in the event that you lose capacity.
The Alzheimers Society say there are 850,000 people with dementia in the UK and this is likely to rise to over a million by 2025. In addition to conditions such as dementia, we are all at risk of being involved in an accident and suffering injuries. Other illnesses might also render us unable to either physically or mentally make and facilitate decisions
about our affairs.
If you have not appointed Attorneys and you were to lose capacity, then the daily issues and decision making relating to your business may not be progressed.
By making a BLPA now, you are protecting your future business interests for you and your family and ensuring a smooth transition in the event that illness or mental incapacity should mean you are not able to take part in the daily decision making.
How much does it cost to make a Business Lasting Power of Attorney?
Our fees for creating a Business LPA will depend on the circumstances. For straightforward matters, we may be able to create and register the LPA for a fixed fee. Where there are more complex issues to consider, we will normally charge according to an agreed hourly rate, so we can give you exactly the level of support you need.
To find out more about the cost of making a Business LPA, please get in touch.
Book a consultation with our Business LPA solicitors in Plymouth
It’s impossible to predict what the future will bring, so it’s important to take the right steps to protect the continued running of your business if you ever become incapacitated. Call Wolferstans in Plymouth now for clear, effective guidance in creating a Lasting Power of Attorney for your business.