SMALL TO MEDIUM BUSINESSES AND LASTING POWERS OF ATTORNEY – WHY WOULD YOU NEED ONE?

When a small to medium business (SME) is first formed it is probably the last thing on the owner’s mind to think about what would happen if they can no longer run the business themselves due to a long-term debilitating illness, accident, or worse, a stroke or dementia.

Mental capacity can be lost temporarily or permanently. If that happened, you should ask yourself how important you are in the running of the business. If you lacked capacity what would happen to your business? Would it have to close? Who would pay the wages, invoices, meet the rent or mortgage payments, or make day-to-day decisions about the financial administration of your business? Are you prepared? A Business Lasting Power of Attorney could avoid all of that uncertainty.

What is a Lasting Power of Attorney?

Lasting Powers of Attorney (LPAs) are