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  • Overview

    Many business owners, when thinking about protecting their business, insure against common business risks such as property damage, theft, third party liability and business interruption.  A few also look at keyman insurance to cover the risk of the owner becoming incapacitated because of some physical or mental condition or unplanned absence abroad but very few create a lasting power of attorney which will give an individual the authority to run the business in such situations.

    A lasting power of attorney allows a business owner to delegate specific or restricted powers to one or more attorneys to make decisions on behalf of the business as if they are the owners.  The power can be restricted to situations where the owner is unable to take decisions due to a loss of mental capacity.  However, the power can also be exercised when the donor has capacity (provided they consent) and can be useful where the owner is abroad or is otherwise absent from the business for an extended period of time.

    Usually, your attorneys will be people you trust, not necessarily those who work in your business e.g. your accountant or solicitor and often they are appointed to work alongside a family member, particularly the owner’s spouse.

    All business owners should consider putting a lasting power in place as its absence, at the very least, could cause your business significant operational difficulties very quickly if there is no-one else who can make payment to staff, suppliers or to the landlord and it is not unheard of for businesses to go under as a result of the owner being incapacitated and no-one able to make decisions on his behalf.

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    Our experienced corporate lawyers are well placed to offer corporate advice for business on a wide range of company law issues.

Newsletter Sign Up

I would like to receive newsletters, event invitations and publications from Thomson Snell & Passmore by email on the following topics (tick all those that apply) and consent for my data to be processed for this purpose.

We respect your privacy and want news to be relevant. To either, click here or update your preferences by emailing us at info@ts-p.co.uk. Your personal data shall be treated in accordance with our & .

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By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

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