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Protecting Your Business

Whether you are a business owner as a  director, partner or sole trader, safeguarding the future of your business with a Business Lasting Power of Attorney makes good business sense.
As a business owner you must consider what might happen to your business if you should be incapacitated by illness or injury, or simply being in the wrong place at the wrong time and unable to make decisionsthat may affect your business. 
Who would take over the running of the business and its financial and property affairs? 
What would it mean for your employees?
Whilst there may be ‘an understanding’ or tacit agreement amongst your colleagues or family of what would happen should illness or injury take you away from the business, in the eyes of the law this isn’t sufficient. Unless you have appointed an attorney, fundamental business operations may not be possible – the company may be denied access to bank accounts, suppliers won’t get paid, contracts could be compromised or lost, insurance premiums won’t be renewed, and salaries could go unpaid.
Without an attorney appointed to take care of the business, the disruption to your company could be catastrophic, and it won’t take long for the impact to be felt.  One company, which had been built over 25 years, lost 50% of its income after six weeks due to the business owner's inability to make business decisions due to mental incapacity.
Don't let this happen to your business!
If a company director, or partner, becomes mentally incapable they cannot be removed from the business because of mental incapacity due to changes in the law.  The only way to remove such a director partner is by having an attorney in place.
You can use a business Lasting Power of Attorney to appoint attorneys to deal with business matters and ensure business continuity in the event of your being unable to work.
Of course, you will have to identify a suitable attorney, someone you trust and who hopefully understands your business.
Feel free to get in touch with me for more information or advice.

on July 10 at 10:41

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