As a business owner, partner, or director, it is essential that you have plans in place to protect your commercial interests and ensure that your business remains in safe hands. Creating a Business Lasting Power of Attorney allows you to appoint someone you trust to make important commercial decisions should you lose the capacity to do so yourself.
At Bailey & Cogger, our experienced team of lifetime planning solicitors in Tonbridge can work alongside you to put strong legal measures in place to ensure your business can operate effectively and will remain protected in the future – even if you are no longer able to play an active role in its management (either temporarily or permanently).
If you have a Business Lasting Power of Attorney in place, you can nominate a trusted person, or persons, to act on your behalf if you no longer have the capacity to do so yourself.
Our team can take you through the entire process of making a Business Lasting Power of Attorney, advising you on all the necessary steps that need to be taken, including selecting a suitable attorney and completing all the necessary documentation.
We have substantial experience and expertise in drafting Business Lasting power of Attorneys. As such, we can make sure that your Business LPA is carefully tailored to your personal circumstances, and only provides an attorney with the necessary authority and no more.
In addition, we can also assist you with creating a separate Lasting Power of Attorney which covers your personal affairs, including your finances and welfare needs.
Book a fixed cost initial consultation with our Business Lasting Power of Attorney solicitors in Tonbridge, Kent
To arrange an initial fixed cost appointment with our Business Lasting Power of Attorney solicitors, please call us on 01732 353305 or use our simple contact form and we will get back to you quickly.
Bailey & Cogger Solicitors is now incorporated by Hatten Wyatt, meaning you can also access our expertise through local offices in Chatham, Gravesend, Maidstone and Tenterden.
We can also offer meetings by Zoom for clients who have to travel extensively or who now live abroad. In exceptional circumstances, home visits can also be arranged.
How our Lasting Power of Attorney Solicitors in Tonbridge can help you
Business LPAs for sole traders
Having a Business LPA in place is incredibly important for sole traders. As you will be well aware, you are your business, which means everything could come grinding to an abrupt halt if you do not have the right measures in place if something were to happen to you.
Our team can work with you to ensure that every aspect of running your business is covered with your LPA, including maters such as access to company bank accounts to pay bills, cover supplier invoices and whether to sell the business if this would ultimately be in everyone’s best interests.
Business LPAs for business partners
Partnership Agreements often have clauses in place which outline what will happen if one partner were to lose mental capacity. If this is the case, a Business LPA may not be necessary.
However, if no such provisions are in place, or you are unsure whether an existing agreement would be sufficient, our team can help you construct an LPA which is better suited.
Business LPAs for company directors
A company’s Articles of Association will usually allow for the termination of a director if they lose mental capacity. This can, however, present an issue if you are the sole company director.
If you are a company director, we can work with you to put a Business LPA in place that ensures you have someone in place to help run your business when required.
Advice for attorneys acting under a Business LPA
Acting for someone under a Business LPA can be a daunting prospect, especially if you are not wholly familiar with the business, or there are specific matters that may be beyond your general scope of expertise.
In these scenarios, it is essential that you seek expert legal advice to ensure that you are meeting your obligations as an attorney and that you are making decisions which are in the best interests of the business.
Business Lasting Power of Attorney FAQs
What is a Business Lasting Power of Attorney?
Lasting Power of Attorneys (LPAs) are legal documents which allow the creator (the donor) to nominate one or more people (the attorneys) to make decisions about their affairs for them if they lose mental capacity.
There are two types of LPAs which are used for personal affairs:
Health and Welfare LPAs – covering decisions about the donor’s medical care, whether they should be placed into a care home and their day-to-day personal care.
Property and Financial Affairs LPAs – covering decisions about the donor’s home and financial affairs.
A Business LPA is a specific type of Property and Financial Affairs LPA that is concerned with decisions about the donor’s commercial ventures.
What if I do not have a Business LPA?
If you are no longer able to make decisions about your business because you have lost mental capacity, this will leave your business unable to operate as it normally would.
Without a Business LPA in place, your loved ones will instead need to apply to the Court of Protection to act as your Deputy. They can then make important decisions about your business.
This can be a very lengthy, complicated and expensive process. In some cases, the time it takes to make a Court of Protection application could be the difference between your business succeeding or failing.
Do I need a separate LPA for my personal and business affairs?
It is possible to make an LPA which covers both your personal and business affairs. However, to avoid any conflicts of interest, it is usually more beneficial to make separate LPAs for each of these matters.
Why choose Bailey & Cogger for Business Lasting Powers of Attorney?
Our team have many years of experience in advising business owners, partners, and directors in their legal affairs. As such, we can advise on whether a Business LPA would be suitable for your circumstances and, if so, can guide you through preparing all of the necessary documentation.
With our support, we can make sure that any measures you put in place accurately reflect your best interests and those of your business.
We usually offer an initial appointment where we can discuss your requirements at a fixed cost. Depending on the support you need, we can also offer flexible payment terms, including monthly billing to help your budget.
We have offices in Tonbridge, Maidstone, Gravesend, Chatham and Tenterden where we can meet you to discuss your requirements.
Get in touch with our Business Lasting Power of Attorney solicitors in Tonbridge, Kent
To arrange an initial fixed cost appointment with our Business Lasting Power of Attorney solicitors, please call us on 01732 353305 or use our simple contact form and we will get back to you quickly.
Bailey & Cogger Solicitors is now incorporated by Hatten Wyatt, meaning you can also access our expertise through local offices in Chatham, Gravesend, Maidstone and Tenterden.
We can also offer meetings by Zoom for clients who have to travel extensively or who now live abroad. In exceptional circumstances, home visits can also be arranged.