fbpx Lasting Power of Attorney for Business - OM&M Solicitors

Lasting Power of Attorney for Business

LPA for business

If you run a business, it’s important to organise a Lasting Power of Attorney (LPA) in case you ever lose the mental capacity to make your own decisions.

This arrangement ensures that your senior role and business is managed appropriately and according to your wishes, should you lose the capability to do so yourself.

What is Lasting Power of Attorney for Business?

Many of us will know the importance of having a Lasting Power of Attorney (LPA) to manage our personal affairs, should we lose mental capacity. However, this is not the only type of LPA you might need. If you are responsible for a business, you should have in place a Business LPA, should the circumstances arise.

You are likely to need a Business LPA if you are:

  • a business owner
  • a sole trader
  • a sole director of a company
  • a member of a board of directors.

The benefit of having a Lasting Power of Attorney for Business

Whether you are a business owner or director, there are things that require your consent, and perhaps your signature, to go ahead. This may, for example, include paying bills or authorising the payment of salaries. Being unable to carry on with these could mean the end of the business.

Having a Business LPA will allow the business to continue smoothly in the short term, while the Attorney can arrange a satisfactory exit from the business that will benefit everyone.

Who can I choose to be my Business Attorney?

A Business LPA is crucial to get right, and there are many points to remember and pitfalls to avoid when arranging. For example, you should:

  • Appoint a person who is familiar with business matters and has the skills and knowledge to make appropriate decisions.
  • Avoid appointing a member of your family, even if they are involved in the business.
  • Avoid appointing the same person as a Business LPA and as a personal Finance and Property LPA.

To find out more about LPA for business and what you need to know before setting one up, read our article all about it, here.

Need to know more

Meet our Lasting Powers of Attorney team

Aleisha Lee

Catherine Cooke

Senior Solicitor – Head of Private Client Department

Claudia Giltrow - Paralegal
Melissa Bright
Peter Slaney

Why you should choose OM&M


were likely or certain to

recommend us


said our staff

listened well


said our staff were

very informative


were very satisfied with our overall

level of service


said it was very easy to

understand information


said our staff were very good at

giving information

With the head office in Leighton Buzzard, Osborne Morris & Morgan Solicitors acts for people locally, in the surrounding Home Counties and throughout the UK.

Osborne Morris and Morgan Limited is authorised and regulated by the Solicitors Regulation Authority.
SRA number: 815734
Company Number: 12622717

Tim Woolford LLB – Managing Director
Paul Lockhart – Finance Director
Sarah Winters – Practice Director

The Legal 500 Firms to Watch

© 2024 by Osborne Morris and Morgan Limited. All rights reserved. Disclaimer