Every small Business owner needs a Lasting Power of Attorney. They are not just for old people.
The Problem where there is no Lasting Power of Attorney
If a business owner sadly passes on their estate can be run by their executor . If they are in a car accident and in a coma nobody can do anything unless a Lasting Power of Attorney is in place . The business will just grind to a halt. If you have partners/co directors they may be able to run the company/business provided financial transactions do not need two signatures. However can you be sure they will make the decisions you would want?
Be confident that whatever happens there is someone who can protect your interests .There are two types of Lasting Power of attorney (LPA). One is for your personal care and one is for your financial affairs.You can make either or both of these. The choice is yours. Once made they do not take effect until you are deemed to be without capacity . So if you stay fit and healthy nothing will happen.
You will however have the peace of mind in knowing that should disaster strike – and it does for some people each year- then things will carry on until you are better. Business will not stop because no one can authorize paying bills or wages.
So speak to us now with any queries