If you fell ill tomorrow, how would your business carry on – and how could you be sure your interests would be represented?
This is a question every business owner, partner or shareholder should consider and if there are company articles or a shareholders’ agreement, the answer may be detailed there.
For many sole traders or smaller companies however, there are no formal arrangements in place. Without your ability to make decisions your business and its assets could quickly become frozen.
Even accessing bank accounts to pay bills or salaries could be impossible without a lengthy and costly Court of Protection application, but there are ways to avoid this scenario using a Lasting Power of Attorney.
A Property and Financial Affairs Lasting Power of Attorney (LPA) can authorise a representative, such as a family member or professional, to continue running your business for you.
The LPA may also enable your Attorney to sign documents and vote in Board meetings if you own the business with others and there are no arrangements already in place to cover the situation.
There are some things that an LPA will not assist with in a business situation, so it is important that you seek advice based on your individual circumstances.
If you have not done so, it is vital to think about what would happen if you or a key player became incapacitated or died. An LPA is one of many solutions, depending on your situation.
- Preparing and Registering a Property and Financial Affairs Lasting Powers of Attorney
- Preparing and Registering a Health and Welfare Lasting Powers of Attorney
- Help for dependents of people without Lasting Powers of Attorney
- General (Ordinary) Powers of Attorney
- Advice re existing Enduring Powers of Attorney and Registration of existing Enduring Powers of Attorney
- Obtaining mental capacity reports where appropriate
Providing advice where it is not possible to set up a Lasting Power of Attorney due to lack of capacity
- Advice re duties and powers of Attorneys
- Advice re disputes relating to Lasting Powers of Attorney
- Applications to the Court of Protection including Deputyship applications
“The (Corporate and Commercial) team did Verisona Law proud. I really appreciate all your assistance throughout the transaction.”
Director of a Groundworks and civil engineering business, June 2018
“I would just like to say a very big thank you to you for all of your amazing hard work and patience during the course of the sale. Myself and the family very much appreciate it.”
Exiting shareholder of an IT company, July 2018
“Thank you for all your work in dealing with the acquisition, your advice has been really helpful.”
Seller of a healthcare business, January 2019
“If it had not been for the EPA I would have had real problems even discussing my mother’s affairs with banks, investment companies, government departments and care providers, much less paying her bills from her account.
“Being able to supply copies of the EPA to the various parties meant they would speak to me and act on my instructions. Without it I would have had to pursue a long, complicated and expensive legal process – at a very difficult time personally.
“I would absolutely recommend planning ahead and making an LPA. It could make a huge difference to your loved ones.”