A Business Lasting Power of Attorney is extremely sensible for purely managing your business interests. A business may be at risk if it does not have in place a BLPA as part of its crisis management strategy. The situation could be problematic for someone with business interests who lacks mental capacity due to unforeseen circumstances. Without a BLPA it may not be possible to pay staff and suppliers, complete unfinished transactions or enter into new contracts. Even where bank accounts are jointly held in the names of business partners or directors, the bank may choose to freeze the account if you as a partner or director loses capacity to deal with their financial affairs.
Having a BLPA in place enables you, as the business owner, to ensure that someone you trust and who understands your particular business, will be able to continue the day-to-day running of the business. Attorneys are able to deal with property owned or leased by a business, organise insurance, access bank statements and accounts, invest assets, deal with the tax affairs of the business, pay staff and suppliers and sign contracts on your behalf. An Attorney who takes on the management of your business interests without the requisite competency, understanding or skills, may find themselves subject to a claim against them due to their unsuitability to act as an Attorney. This is why choosing the right Attorney for your business is crucial.