Guide to Lasting Powers of Attorney for Business Owners

What is an LPA?

Lasting Powers of Attorney (“LPAs”) are often wrongly perceived as something to be considered only by the elderly or frail. Many younger people would not think that LPAs might be useful for
them, yet, sadly, incapacity can occur as a result of an accident, sports injury, surgery, medication or illness. In such an event and in the absence of an LPA, an application might have to be made to the Court of Protection for a Court deputy to be appointed to manage their finances and property. However, most people would prefer to nominate in advance who should look after their affairs for them and protect their best interests; someone who understands what their choices and preferences would be. This can be done by signing LPAs for property and financial affairs and also for health and welfare.

Please see our separate information leaflet about LPAs for the conduct of an individual’s personal care, welfare and finance.

What is a Business LPA?

Complications can arise if a business person who is a sole trader, a partner or a director becomes incapacitated through illness or accident. Even if they have made LPAs appointing someone to deal with their personal property and financial affairs, that person might be unsuitable or unable to manage the business at a time of crisis. Very much a case of horses for courses.

A Business Lasting Power of Attorney (“BLPA”) allows the donor to appoint an attorney to make decisions restricted to their business interests if they lack mental capacity and should be created in addition to the LPA for their personal affairs. The BLPA should appoint an attorney who is able to deal with company business and commercial matters and this might not be the same person whom the donor appoints to deal with their personal finances or make decisions about their health and welfare.

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