Lasting Powers of Attorney for Business (BLPA)
What would happen to the smooth running of your business if you are unable to do so?
If you are a business owner, director, partnership member or shareholder with voting rights, then you should consider a type of Property & Financial Affairs Lasting Power of Attorney which is known as a Business LPA or BLPA.
A BLPA can prove invaluable.
A BLPA deals specifically with your interests in a particular business separately from general business decisions. A BLPA is separate to your Property & Financial Affairs Lasting Power of Attorney in respect of your individual private life.
It allows a suitably qualified person to take over your management functions either to maintain continuity or enable an orderly exit from the business. It is not necessarily a permanent arrangement, but can be used as a temporary solution, providing for situations such as illness or holidays.
It may be necessary, depending on the business, for the attorney have particular qualifications to act in your place. For example, in an accountancy business, the attorney stepping in may need to be another qualified accountant.
Our specialist team can consider the needs for the individual business involved and draft the BLPA accordingly. As a BLPA is specific to the business, if you have several business interests, then you will need to consider making a separate BLPA for each.