Dating back to 1820, Hunton & Garget Solicitors proudly stands as one of the oldest firms in North Yorkshire. Throughout its history, the firm has maintained an unwavering commitment to providing high quality legal advice to clients across the North East and beyond. With a unique blend of modern practices and traditional values, Hunton & Garget Solicitors delivers a consistently high standard of personal and professional services.
At the helm of the firm is Lisa Potts, Managing Partner. As a business owner herself she understands the challenges faced by businesses and is passionate about supporting smes and helping them to thrive.
In today’s fast paced and ever changing business landscape, proactive legal planning is crucial to ensure the protection and continuity of a company. While entrepreneurs often focus on day-to-day operations, they may overlook the importance of safeguarding their businesses against unforeseen circumstances. This is where the Business Lasting Power of Attorney (LPA) emerges as a powerful tool that every business owner should consider.
A Business LPA is a legal document that grants designated individuals, known as Attorneys, the authority to make decisions and act on behalf of a business owner in the event of their incapacity or unavailability. It serves as a proactive measure to ensure business continuity, protect assets, and mitigate potential risks. By appointing trusted Attorneys, business owners can maintain control and safeguard the best interests of their companies.
The benefits of having a Business LPA are manifold. First and foremost, it ensures the continuity of business operations, even when the owner is unavailable. Attorneys can handle financial transactions, sign contracts, manage day-to-day operations, and make strategic decisions aligned with the company’s vision.
Additionally, a Business LPA provides protection against unexpected events. If Covid has taught us anything it is that life is unpredictable, and business owners must be prepared for accidents, illnesses, or emergencies. With a Business LPA in place, the business can thrive in the absence of its owner, preventing potential legal disputes or struggles to make critical decisions during challenging times.
One of the significant advantages of a Business LPA is its flexibility and customisation. The document can be tailored to the specific needs and requirements of the business owner and their company. It outlines detailed instructions, limitations, and preferences to guide the appointed Attorneys in their decision making. This level of customisation allows owners to maintain control while empowering their trusted Attorneys to act in the company’s best interests.
When creating a Business LPA, careful consideration must be given to the selection of Attorneys. These individuals should be trustworthy, reliable, and possess a good understanding of the business’s operations. Effective communication with the designated Attorneys is crucial to ensuring they comprehend the owner’s vision, values, and long-term goals.
Regular review and updates of the Business LPA are essential. As with any legal document, it should be periodically revisited to account for changes in the business landscape, personal circumstances, or the identification of new Attorneys. This ongoing review process ensures that the document remains up to date and reflects the evolving needs and goals of the business.
By embracing the power of a Business LPA, business owners can proactively protect their interests, ensure continuity of operations, and provide a solid foundation for the future success of their companies. The team at Hunton & Garget Solicitors are committed to supporting businesses in implementing a Business LPA that meets their specific requirements and welcome you to contact them to discuss your specific requirements.
01748 850400
huntonandgarget.co.uk
law@huntonandgarget.co.uk