About business lasting powers of attorney
Why your business needs one…
All business owners, whether sole traders, partners or the directors of private companies should consider the simple option of drawing up a business lasting power of attorney UK (Business LPA’s UK).
The problems about UK business lasting powers of attorney (Business LPA’s UK) or not having one in place can be devastating to a business, company or organisations.
The business lasting powers of attorney UK, are used to empower a trusted relative or other person to step in to the business should the worst happen and one of the business owners, partners or directors cannot make it back to work due to an incapacitating illness or injury.
Planning a succession is a difficult but vital part of any business if it is to outlive the working life of the founder.
Even when a transition is planned such as at the retirement of an owner, partner or managing director the upheaval can bring many problems to the business.
These potential problems are small when compared to the disruption that can be caused by the unexpected loss of a business owner through illness or serious injury, even if the loss is only temporary.
The effects of this problem…
It might mean that no one else in the business is authorised to sign on the business bank account, so that suppliers cannot be paid or cash cannot even be withdrawn.
Businesses could also be prevented from entering contracts, paying invoices, authorising sales or buying stock.
Perhaps worst of all it could mean wages going unpaid with the added knock on effects that not be paid can cause for staff and their families.
Business lasting powers of attorney UK (Business LPA’s UK) are easy and cost effective to put in place and they normally authorise at least one person to sign on the business bank account should the need arise.
A business lasting power of attorney UK (Business LPA’s UK) only comes into force when it is required;
This could be in the event of a serious accident or something like a stroke causing the loss of mental capacity or even if a lesser injury is incurred, such as a broken leg, that could leave someone in hospital or unable to make the office, which could temporarily prevent someone from taking care of their own affairs.
Many viable businesses have failed to cope with the situations cause on by incapacitated owners, partners or directors and have failed, simply because no-one was authorised to sign on the business bank account and that could have been easily avoided.
Don’t let your business, company or organisation be a business that fails, or fails to protect itself when there is such an easy solutions!
Book a meeting with a specialist consultant today and get yourself set up with business lasting powers of attorney UK ASAP.
The Business LPA’s UK page was written “By Mike Armstrong” from UK Marketing Agency MA Consultancy