Why Every Business Owner Needs a Lasting Power of Attorney

Running a business means making decisions every day—about finances, contracts, and the future of your company. But what would happen if you suddenly couldn’t make those decisions yourself? Illness, accident, or loss of mental capacity can strike at any time, and without a plan in place, your business could face serious disruption.

That’s where a Lasting Power of Attorney (LPA) comes in.

What Is a Lasting Power of Attorney?

A Lasting Power of Attorney is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you’re unable to. There are two main types:

Property and Financial Affairs LPA – covers financial and business matters.
Health and Welfare LPA – covers personal care and medical treatment.

For business owners, the Property and Financial Affairs LPA is the one that ensures continuity of operations if you can’t act.

Why Business Owners Need an LPA

If you’re a sole trader, partner, or company director, you’re often central to how the business runs. Without an LPA in place:

Bank accounts could be frozen, leaving staff unpaid.
Contracts might not be signed, causing delays or cancellations.
Business decisions could grind to a halt.
Your family or colleagues may face stressful legal battles to gain authority.

With an LPA, you can appoint a trusted colleague, co-director, or professional to step in—keeping your business running smoothly.

Key Benefits of a Business LPA

Business continuity: Avoid costly downtime and protect your reputation.
Financial stability: Ensure bills, wages, and suppliers are paid without delay.
Peace of mind: Know your business won’t collapse due to unforeseen circumstances.
Legal clarity: Prevent disputes by clearly setting out who has authority to act.

Who Should You Appoint as Your Attorney?

Choosing the right person is crucial. Many business owners appoint:

A co-director or partner who understands the business.
A trusted senior employee.
A professional, such as a solicitor or accountant, for impartiality.

You can also appoint more than one attorney, and specify how decisions should be made—together or independently.

Protecting Both Your Business and Your Family

For business owners, an LPA isn’t just about safeguarding the company. It’s about protecting employees, customers, and your family’s financial security. By planning ahead, you can ensure that your hard work isn’t undone by circumstances beyond your control.

👉 Don’t wait until it’s too late. Put a Lasting Power of Attorney in place today and secure the future of your business.

📞 Call 01777 712 733 now or 📩 email hello@olivetreelaw.co.uk .