Succession planning is key

If you run a business, whether as a sole trader or in partnership with others, a company or a limited liability partnership, you will know that the continuity of your business is one of the key elements in your business plan.

Few people, however, realise that if you are unable to manage your own financial affairs, through a physical or mental incapacity, there is no-one with any legal authority to manage them for you. So as a business owner, if you need wages to be paid, cheques to be signed or orders to be fulfilled, and you can’t do it yourself, your business continuity is compromised.

If you lose capacity, and you do not have a Lasting Power of Attorney, then a Deputy will need to be appointed by the Court of Protection to enable your personal and business affairs to be managed. This can take many months to arrange and can also be a very costly and stressful exercise.

During this crucial time delay, at best, there is a risk that your business will continue without someone making key decisions and at worst, your business could have to simply cease trading. Should the Court appoint a Deputy to act on your behalf, you would not have control over who is appointed and they may have very different views as to how your business is run.

By having a Lasting Power of Attorney in place, you can avoid this situation and save time and stress for your business associates and your family.

Protecting your Business with a Will

You’ve worked hard to build up the value in your business, now make sure that value passes to your loved ones in the event of your demise by making a Will.

When you have a business, we understand that your affairs may seem more complex, particularly when you may not be the only person involved in your business. You may have co-directors or other shareholders to consider in your planning. At Four Oaks Legal Services, we are experienced in dealing with businesses. We will discuss your business thoroughly with you, so that we understand how it operates. Our team will consider any shareholder agreements that are in place and which may dictate how your shares in the business can be dealt with. Alternatively, we will discuss with you the appropriate structures to deal with these matters, if there are none in place.

We are able to advise on the most tax efficient way of structuring your will, so that your hard-earned estate passes to your family, rather than the taxman.