A Business Lasting Power of Attorney (Business LPA) is a useful tool for all business owners.
It allows business owners to protect their business in the event they become unable to make their own decisions. Without this, their business is at risk.
Anyone can lose the ability to make their own decisions at any time, at any age, due to an accident or illness. If you are a business owner and this happens, it is likely that business accounts will be frozen (even if they are in the joint names of the business owners). With no funds, most businesses will fail.
Those left in the business will not be able to:
The Mental Health Discrimination Act 2013 states that a director or partner of a company who loses mental capacity cannot automatically be removed. Although, it does depend on the provisions in the company articles of association. However, provisions removing partners because they lack mental capacity may be in breach of anti-discrimination legislation. Therefore, it is far better to have appointed persons (attorneys) under a Business LPA in the event that someone needs replacing urgently.
We offer a full ‘hand-holding’ service for directors and partners of companies to help with their Business LPA so that there is a minimal amount for them to do.
Our service includes all advice regarding your documents, reviewing the company articles of association, guiding on your choice of attorneys and including any instructions if needed. It also includes the correct preparation of your documents, providing a ‘certificate provider’ service, the signing for all parties in the correct order and lastly, dealing with the Office of Public Guardian to register the documents.
Your Business LPA will only come into effect once it is registered with the Office of Public Guardian.
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Please note that the advisory services that Good & Trusted Wills Ltd, trading as G&T Wills, provides is classed as ‘non-reserved’ activity by the Legal Services Act 2007 and the Solicitors Regulation Authority (“SRA”) and therefore Good & Trusted Wills Ltd, trading as G&T Wills, can provide its services without being regulated by the SRA. You hereby acknowledge that no employee or representative of Good & Trusted Wills Ltd, trading as G&T Wills, holds themselves out to be, or represents that they are in any way, a practising solicitor and/or regulated by the SRA.
Good & Trusted Wills Ltd is a limited company registered in England and Wales (Company number 14093133)
