Lasting Powers of Attorney & Financial Affairs
How would your business fare if you were unable to contribute to the running of it anymore?
When you own a business, it’s important to consider whether a separate Business Lasting Powers of Attorney specifically for your business matters is appropriate, in most cases it will be.
If you own a business and are suddenly unable to take care of it due to an accident or illness, what would happen?
Many business owners take out Key Person Insurance Policies but that won’t assist with the day to day running of the business.
In some cases, you may also have a personal Lasting Powers of Attorney but it’s likely that the attorneys you appoint in the Business Lasting Powers of Attorney are family members who may not have the knowledge necessary to run your business or (in some cases) any business knowledge at all.
In addition, bank accounts might be in the name of the company and not capable of being operated by an attorney appointed pursuant to a personal Lasting Powers of Attorney.
This raises potentially serious issues for the continuation of the business, appointing an attorney for business matters is like taking out another insurance policy for business continuity.
It goes a long way to ensuring that the business can continue to run smoothly and that someone you trust is going to take care of it.
You should consider who would be the most appropriate person to assume responsibility for the running of your business.
This is often not the person you would choose for the management of your personal finances, it might be a business partner or an accountant, it’s also likely to be someone who knows the business well.
Contact us for further information.