What is an LPA?
A Lasting Power of Attorney (or LPA) is a legal document which appoints another person to make decisions for you in the event that you lose mental capacity to do so yourself. There are two types of LPA:
- Health & Welfare LPAs; and
- Property & Finance LPA (also referred to as Finance LPAs).
What is a Business LPA?
Business LPAs are a type of Finance LPA. They are designed to ensure the smooth management of, or exit from, a business in the event that you no longer have the mental capacity to make business decisions yourself.
How is a Business LPA different from ordinary Lasting Powers of Attorney?
Business LPAs relate solely to business affairs, which includes the running of your business and making business critical decisions. By contrast, Property & Finance LPAs, along with Health and Welfare LPAs, relate to personal affairs of individuals. For Business LPAs, you should appoint attorneys who have business experience and in whom you would have confidence should they need to make important decisions relating to your business.
Why make a Business LPA?
- Choose an appropriately qualified attorney to manage your business in the event that you do not have the capacity to do so for yourself;
- Ensure the longevity of your business;
- Mitigate business risk; and
- Ensure robust Business Contingency Planning.
Businesses may have commercial insurance, however this may not quite protect like a Business Lasting Power of Attorney. A Business LPA allows you to effectively manage and control risk within your business, whilst also ensuring robust business contingency planning by allowing you to appoint professional, business-minded people to look after your business in the event that you do not have the mental capacity to make decisions.
Who needs a Business LPA?
- Business owners
- Trustees, although please speak with one of our Private Client lawyers to discuss
How long does it take to register a Business LPA?
Once we submit your Business LPA to the Office of the Public Guardian, it can take close to 2 months for it to be processed and registered. After your Business LPA has been registered, we shall be in touch to let you know.
What is the process for making a Business LPA?
- After you complete our onboarding procedure (which includes signing our Client Care Letter), one of our Private Client Lawyers shall arrange a meeting with you to take your instructions.
- You’ll need to let us know who you choose to be your attorneys.
- We’ll prepare your Business Lasting Power of Attorney and send it across for you to review.
- Once finalised and signed, upon your instructions we’ll register your Business LPA with the Office of the Public Guardian.
- After the Business LPA has been registered, we’ll notify you.
How much does a Business LPA cost?
We like to offer fixed prices for all of our Private Client law work where we can. Our Private Client lawyers’ fees for Lasting Powers of Attorney begin from £399.99 (please note that there is no VAT payable on our fees). Our fixed fee includes preparing and registering the Business LPA, however does not include disbursements, such as the fee for registering the Business LPA with the Office of the Public Guardian, which at the time of writing costs £82.00.
How do I get started?
Leave your contact details on this web page and one of our Private Client Lawyers shall be in touch.