It is essential to plan for succession in the event that you lose mental capacity, have a serious accident or die.
LASTING POWER OF ATTORNEY (LPA)
Whether you are a Sole Trader, Partnership, Limited Liability Partnership or a Limited Company, you may wish to talk to us about a Business Lasting Power of Attorney. A Business LPA would be set up specifically to ensure that your business continues to trade should you lose mental capacity or have a serious accident. It is possible that your business could become rudderless if the decision maker is not able to make decisions and there are no Attorneys in place – who would pay your suppliers or staff if you are unable to? Your spouse or a co-directors spouse may not be the right people and may not have a clue about the running of a business which could cause ongoing feuds and problems if something did happen.
What do you have in place to prevent this from happening?
You may wish to include separate Executors in your Will to manage your business affairs after your death.
It is also possible for a business to claim Business Property Relief (BPR) after your death but there are conditions that must be adhered to. Unfortunately, certain businesses will not be able to claim BPR. We are happy to discuss this further with you in more detail.
Please contact us for more information.