Why Every Shareholder and Especially Sole Business Owners Should Have a Lasting Power of Attorney.
As business owners and shareholders, we are accustomed to navigating challenges, managing our companies, and planning for the future.
But have you ever considered what would happen if, heaven forbid, you were no longer able to make decisions yourself?
A Lasting Power of Attorney (LPA) is an essential tool that allows shareholders, especially sole business owners, to ensure the continued management of their company in the event they can no longer make decisions due to illness or accident.
With an LPA, you can designate someone to manage your business and make financial decisions on your behalf, while providing clear instructions on how the company should be run.
This ensures that your vision for the business continues to be executed even in unforeseen circumstances.
Having a well-prepared LPA is critical for ensuring the stability of your company and its seamless operation during difficult times.
Such foresight can help avoid legal disputes and guarantee that your business is managed exactly as you intended.
As a legal professional, I highly recommend that all business owners take the time to set up a Lasting Power of Attorney to protect their company against any unexpected events.
If you have any questions or need advice, feel free to contact me.
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