Oak Shields Estate Planning Limited
Chapel House, Leicester Road
Loughborough, LE11 2AF
Your Legacy, Our Priority.
Why all Business Owners need a BLPA
A new year is certainly a great opportunity for new businesses. No matter if you are putting your ideas into a start-up, or growing your existing business, you always need to plan and make sure your business is safe if the worst happens to you. If you become incapacitated, the last thing you need upon recovery is to return to find your business in trouble.
What is a BLPA?
BLPA stands for Business Lasting Power of Attorney. It is a crucial document as it allows you to appoint attorneys who deal specifically with your business assets and make business decisions when you are incapacitated. Your BLPA can be of slightly different usage depending on the nature of your business.
Who needs a BLPA in my business?
Sole Trader
Your business is unlikely to have a separate legal entity to you and you are the sole decision maker of the business. Appointing an attorney for yourself is an effective way to keep your business running smoothly in case you are incapacitated.
Partnerships
When you lose capacity, the remaining partners might not be able to agree on the decision making for the partnership. Moreover, documents requesting signatures from all partners might not be able to be completed.
Having a BLPA in place as a partner can effectively prevent delays in business decisions and processes in the case of you losing capacity. You should also check the partnership agreement to make sure the instructions on your BLPA are not contradictory.
Director of Limited Companies
As a company director, company resolutions and decisions can be delayed if you are unable to vote or act.
By having a BLPA in place, you can have the other directors as your attorneys when you lose capacity and give them authority to make decisions on your behalf. You should also check the Articles of Association to make sure the instructions on your BLPA are not contradictory.
What can a BLPA do for me?
List of Services
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Peace of MindList Item 1
Ensure your business can run smoothly in case you lose capacity.
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SimpleList Item 2
You can appoint professionals, such as your co-director, business partner and your accountant, to be your attorneys.
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PreciseList Item 3
You can provide instructions to your attorneys as to when and how you would like them to act.
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RemoteList Item 4
Your attorneys can act on your behalf to ensure all decisions are made smoothly when you are away abroad and unable to return back to the UK.
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Tax Relief
The cost of a BLPA forms part of your company expenditure.
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Bank Account
You could face difficulties with a bank account if you are incapacitated without a BLPA in place.
Avoid the hardship
If you are a business owner, speak to one of our professional estate planners today and we can provide you with tailored advice on putting a BLPA in place.
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01509 972000
Oak Shields Estate Planning Limited,
Chapel House, Leicester Road,
Loughborough, LE11 2AF
Registered in England and Wales Company Number: 13136605 VAT Registration Number: 370 0679 03 Registered Address: Chapel House, Leicester Road, Loughborough, LE11 2AF
The Society of Will Writers Membership Number: MA6706202/21
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