A Power of Attorney is a legal document which allows other people (known as Attorneys) to make decisions or to act on your behalf, either under your instruction or in the event that you are no longer able to make decisions on your own.
The use of Powers of Attorney to assist with the management of your personal finances and welfare matters are becoming increasingly popular, although what is less well-known, but equally important, is the use of Powers of Attorney in a business setting – whether that be for Sole Traders, the self-employed, Partners within a Partnership, Company Directors or Shareholders.
It is common for many businesses to put in place documents or procedures to assist in the event of a business risk or crisis – such as data leaks or adverse weather etc. Although many fall short at what would happen in the event that a business owner were to be unable to make business related decisions either in the short or long term.
Without a Business Power of Attorney, no one would usually have the legal authority to assume control of the business or to assist in the running of the business on a day-to-day basis – which can be devastating for any business regardless of size. In addition, in order for someone to regain control of the business it will be necessary for an application to be made to the Court – which is often expensive, stressful and time consuming.
As such, we advise all business owners to prepare Business Power of Attorneys as soon as possible as part of their continuity planning.
If you are a business owner, then we would recommend that you make contact with the Private Client team here at Paul Robinson so that we can discuss your businesses requirements for Powers of Attorney in further detail.
01702 662963 / 020 35537115/ 01277 889193 / 01268 855679.
This article does not necessarily deal with every important topic or cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. If you require specialist advice on this topic, please contact us to discuss how we may assist you.