Business LPA - Protect Your Company with a Business Lasting Power of Attorney

Name: Winston Solicitors
Address: Leeds, West Yorkshire, LS8 2AL, United Kingdom
Telephone: +441133205000

Business LPA - Why It's Important When You Own Your Own Business

Protecting Your Business Interests with a Business LPA

If you own a business, setting up a Business Lasting Power of Attorney (Business LPA) is a crucial step in safeguarding your company. A Business LPA, sometimes referred to as a Commercial LPA, allows your chosen attorney(s) to manage your business affairs if you're unable to do so. This is separate from your Property & Financial Affairs LPA for personal matters, ensuring that your business interests are properly handled by someone you trust.

Why Consider a Business LPA?

A Business LPA can help protect your business continuity and ensure that essential decisions are made if you're incapacitated or otherwise unable to act. However, the effectiveness of a Business LPA depends on several factors:

Restrictions in the Business LPA document: Specific limitations you may place on your attorney's authority.
The company’s articles of association: If your business is a company, the articles may impose restrictions on who can make decisions.
The partnership agreement: For partnerships, the agreement may detail whether an LPA attorney can act on behalf of a partner. If no agreement exists, the Partnership Act 1890 will apply.

Understanding Your Options with a Business LPA

Sole Traders: If you are a sole trader, your Property & Financial Affairs LPA can include business matters. However, ensure any restrictions in the LPA are considered. In some cases, you may not need a separate LPA specifically for business.
Partners in a Business: Check your partnership agreement for any terms about an attorney acting on behalf of a partner. Without an agreement, the Partnership Act 1890 will govern what actions can be taken.
Company Directors: If you're a director, note that a Business LPA may not cover the duties assigned to your role. A director's responsibilities are personal, meaning an attorney can't automatically act in your place. If your company uses model articles, the board of directors must make decisions regarding appointing someone to manage business affairs.

Benefits of a Business LPA

Business Continuity: A Business LPA can help maintain stability during unforeseen circumstances.
Clear Decision-Making: It allows for a trusted individual to make important business decisions.
Protects Your Interests: Business LPAs ensure your business is managed according to your wishes.

Get Expert Advice on Business LPAs

Setting up a Business LPA requires careful consideration of your business structure and legal obligations. Contact us to discuss how a Business LPA can benefit your business and help you prepare for the future. Our experienced solicitors can guide you through the process to ensure that your business interests are fully protected.

To speak to a member of the team about Business LPAs, please contact us on 0113 320 5000 or email us at wills&probate@winstonsolicitors.co.uk.

Client feedback

Many thanks to Monika and staff at Street Lane office for their help and understanding at what was a very sad time for me. So efficient.Ann Campbell

Ann

Monika made the whole Wil process very simple & was more than happy to explain any concerns we had.

Jane

Emily was a very patient and supportive lady, as we were not very clued in to dealing with some of the internet issues and she guided us through it.Emily made altering our wills a breeze, would use this firm Winston solicitors 100 percent for all our business.

Tina

I received a welcoming and efficient service from Monika at Winston’s. A lovely, friendly lady that was very professional at the same time. I would use Winston’s again.

Michelle

Emily clearly explained the process to have an Lasting Powers of Attorney for Property and Finance and Health and Welfare.She communicated with precision giving the client the needed information .I would definitely recommend her .

Rosamund

I was dreading the probate process after my husband sadly died earlier this year. Friends who had been in the same situation warned me it could take months or even years. I didn't even know what it involved, it was a complete mystery to me!Thank good ness for Emily Spencer at Winston solicitors who talked me through the whole process and told me what information I needed to complete the paperwork. Emails and phone queries were answered very promptly and once I'd submitted all the figures the grant of probate was applied for by Emily and was returned within a few weeks, not months! Great result and nothing like the trauma I was anticipating.

Patricia

Very handy as a local north Leeds firm, no need to travel to Leeds. Understood exactly what we required and prepared the documents carefully and quickly. Kept us informed as to progress throughout. I would recommend them for any private client work.

Michael

I have always had friendly and efficient service from Winstons

Carol