What is Business LPA?

Many people are familiar with a Lasting Power of Attorney however there is another, less well known, type – a Business Lasting Power of Attorney.

The Business LPA allows an appointed person to make decisions on a business owner’s behalf in connection with his/her business interests when they are not able to do so. This may be in circumstances of mental incapacity, but could also be prepared on the basis that it could be used in circumstances where the donor is unavailable.

Use of a Business LPA will vary dependent on the structure and type of business and the interest an individual holds in it. It may range from a sole trader to a business director.

In making a Business LPA you will need to consider what you do and don’t want to allow the attorney to do. This again will be guided by the nature of the business.

To find out more about a Business Lasting Power of Attorney and how you might benefit from this, or a Lasting Power of Attorney for Finances or Health or decisions, contact the office today for a free no obligation discussion.

The contents of this article do not constitute legal advice and are provided for general information purposes only.