BUSINESS LASTING POWER OF ATTORNEY (LPA)
What is a Business Lasting Power of Attorney (LPA)?
Why do you need a Business Lasting Power of Attorney (LPA)? Consider what would happen to your business if you lost the ability to deal with your own business affairs and make decisions.
What if you have a business bank account in your name as a sole trader or joint bank accounts with other business owners which require the signatures of all the named account holders? How would your business finances be managed on a daily basis in the event of an accident or illness?
Some examples of how a Business Lasting Power of Attorney (LPA) is vital
Several problems could arise such as the impact on your business reputation with dealys, customers being unable to access your products or the financial implications for your staff or creditors. Without an LPA, the risks to your business could include:
- non-payment of wages to staff
- non-payment of invoices, particularly if bills were paid by cheque
- no access to bank accounts
- no access to business information for HMRC or your accountant
By putting a property and financial affairs lasting power of attorney in place you can give your business the protection it needs. This could mean the difference between your business surviving or being closed down.
This is a seperate LPA to your personal finances and you can choose different attorneys if you wish.
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