LPA’s for Business Owners
Running a business means making important decisions every day. But what would happen if you suddenly couldn’t?
Accidents, illness, or even an unexpected absence can leave your business exposed. Without the right legal authority in place, your colleagues, partners, co-directors, or family may find themselves unable to access bank accounts, pay staff, sign contracts, or make urgent decisions.
That’s why a Business Lasting Power of Attorney (LPA) is essential for business continuity.
Why Business Owners Need a Lasting Power of Attorney
Many people associate LPAs with personal affairs – such as decisions about health or personal finances – but a Business LPA is different. It allows you to appoint one or more trusted attorneys to make decisions and take action on your behalf for business matters if you are unable to do so.
This means:
- Bills, wages, and suppliers can still be paid
- Contracts can be signed without delay
- Staff, customers, and investors retain confidence in the business
- The risk of disruption or even closure is reduced
Without an LPA, your business could face expensive delays while the Court of Protection appoints someone to act – a process that can take many months.
Frequently Asked Questions
A Business LPA is a legal document that appoints one or more people (attorneys) to act on your behalf in relation to your business if you lose mental capacity or are otherwise unavailable.
One who understands your business and has the skills to manage it. This could be a co-director, trusted employee, professional adviser, or a combination. We can help you assess who is most suitable.
It doesn’t have to be, however we would often recommend keeping your personal and business LPAs separate to avoid conflicts of interest and ensure the right person is making the right decisions in the right context.
Yes. Arguably it’s even more important to have a back up plan if the running of the business relies solely on you. If you run your business alone, a Business LPA ensures someone can access bank accounts, pay bills, and fulfil contracts if you can’t. Without it, your business could quickly grind to a halt.
Once registered with the Office of the Public Guardian (OPG) your attorney can act immediately if needed. Registration with the OPG takes around 8–12 weeks, so it’s best to plan ahead rather than wait for a crisis. Additionally the LPA usually requires a registration process with the relevant bank or institution with which you wish to rely on it.
No. You remain in full control unless and until you choose to allow your attorneys to act, or you lose the ability to do so yourself.
Protect Your Business Against the Unexpected
Your business depends on swift decisions and continuity. A Business Lasting Power of Attorney ensures that, if you are ever unable to act, someone you trust can step in immediately to keep things running smoothly.
? Call us on 01244 356789
? Email us at info@cullimoredutton.co.uk
? Or complete the contact form on this page, and one of our solicitors will be in touch.
Don’t leave your business exposed to disruption – put a Business LPA in place today.