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

Emily Spencer from Winston Solicitors handled the setup of our Will efficiently and professionally from start to finish. She explained everything clearly, answered all our questions, and made what could have been a daunting process feel straightforward and stress-free. My wife and I both felt well looked after and confident that everything was done properly. We would happily recommend Emily and Winston Solicitots to anyone needing this kind of service. Thank you, Emily!

Anonymous

We updated our wills. Emily explained everything in detail and answered all our questions. In doing this she was very patient and professional.

Harry

Professional and approachable staff. Emily was very thorough and guided us through the process in an understanding way, explaining things well so we were able to make informed decisions.

Adele

Hi . Great service from you guys all the way from the beginning to the end I will happily use this firm again and again in the future, great communication throughout the process of writing myself and family’s will , thanks you

Belal

Emily Spencer at Winstons has been enormously helpful in getting us to do our wills. She has provided expert and very professional help.

Paula

We were very impressed with the service.

Frederick

We had our wills updated recently, as well as seeking advice on inheritance tax. Emily Spencer was fantastic, responsive to our needs, and initiated giving good advice and feedback where required. We were not the easiest of clients to track down due to our busy work lives and she patiently nudged us along to get the wills completed. Very pleased with the service we have received from Winstons over the years.

Jacqui

I recently used Winston Solicitors to write my Willl and was supported by Emily Spencer throughout the process.From the outset, Emily was extremely helpful. Our initial meeting gave me a clear understanding of what information I needed to provide and what the Will would deliver. She explained everything in a straightforward and reassuring way, which made the process easy to follow.Overall, Emily made what could have been a complex task feel simple and effortless. I would highly recommend Winston Solicitors to anyone looking to put a Will in place.

Nigel