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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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General Private Client UpdatesGeneral Commercial UpdatesConstruction UpdatesCourt of Protection UpdatesAgriculture & Rural Affairs UpdatesCommercial Property UpdatesEmployment UpdatesDispute Resolution UpdatesCorporate & Commercial UpdatesCharities & Not for Profit UpdatesFood & Drink UpdatesEducation UpdatesTransport & Logistics UpdatesFamily Business & Owner Managed Businesses Updates

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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.

  • Related Services

    Wills, Trusts & Tax Planning

    Our specialist lawyers provide high quality, intelligent advice that is comprehensive, considered and clear.

    Lasting Powers of Attorney (LPA)

    Lasting Powers of Attorney offer security and peace of mind for you and your family.

    Commercial

    We draw on our extensive legal, commercial and industry expertise when working with you to achieve your strategic objectives.

    Corporate

    Our award winning team of corporate lawyers provide highly practical advice to help businesses of all sizes develop and grow.    

    Commercial contracts

    We can deal with all the stages of a commercial contract – from initial structuring and head of terms to preparing, negotiating and completing the contract documentation. We can also advise you on contractual disputes that may arise during a project and provide assistance with terminating a business relationship.

Get In Touch

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.

Newsletter Sign Up

General Private Client UpdatesGeneral Commercial UpdatesConstruction UpdatesCourt of Protection UpdatesAgriculture & Rural Affairs UpdatesCommercial Property UpdatesEmployment UpdatesDispute Resolution UpdatesCorporate & Commercial UpdatesCharities & Not for Profit UpdatesFood & Drink UpdatesEducation UpdatesTransport & Logistics UpdatesFamily Business & Owner Managed Businesses Updates

I agree to be ‘opted in’ to receive Thomson Snell & Passmore newsletters, event invitations and other publications that are related to the subject matter of this event or my industry sector. I understand that this means they will send me these communications by email

I agree

If you want to update what types of information you want to receive from us, or if you wish to stop receiving these communications, you can do so ay any time using the following link: or emailing us at .

We respect your privacy, information you submit to us will be treated in accordance with our & .

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Jargon Buster