Business Protection

What is Business Protection?

Your hard work and dedication has meant that you have built up a successful business to benefit you and your family. Naturally, you would want to ensure that your loved ones are provided for in the event of incapacity or death.

Your Business Protection should include these specialist solutions such as:

  • Business Wills
  • Business Lasting Powers of Attorney
  • Bespoke Business Trusts

So what could happen if you don’t have the correct Business Protection in place?

1

Your Spouse/Partner and Children may not inherit your share of the business.

2

Business Partners may not be able to buy out the Deceased’s share.

3

The surviving Spouse or Children may be obliged to take over the running of the business.

4

The value of the business could depreciate due to the inexperience of the Beneficiary/ Beneficiaries

5

The business may have to be sold and the proceeds become liable to Inheritance Tax.

As you can see without the proper Estate Planning in place for your Business, it remains at risk and vulnerable. At worst, the Business that you built with blood, sweat and tears could be completely lost.

Contact us now to discuss how we can help you protect your valuable business.

So what is a Business Lasting Power of Attorney?

Most people avoid thinking about what would happen if they were unable to deal with their own business affairs because it can be so daunting. By avoiding facing this and failing to act NOW and putting plans into place for this eventuality, will only lead to your business suffering unnecessarily.

You may think that your family, friends, or business partners can help run the company if anything should happen to your mental capacity either temporarily or permanently. Unfortunately this may not be the case. Without a Business Lasting Power of Attorney, it would be for the Court of Protection to decide who is best placed to make decisions on your behalf.

This process can take months and is very costly. In the meantime your business may struggle to survive because time is of the essence. It will be the Court of Protection who decides who the best person is to deal with your affairs. What happens if that person is not business minded, or doesn’t work well with the remaining business partners? Would you, or your business partner, want the business being run by a complete stranger?

So what if you became ill or lost your mental or physical capacity?

Salaries

Bank accounts may not be accessible. Salaries and bonuses could therefore go unpaid; this may cause undue hardship for the employees and their families. 

Suppliers

Without you being able to sign on the business bank accounts, suppliers may not be paid or cash withdrawn. Suppliers are left without payment and therefore refuse to send further products. 

Contracts

Without your signature, the business could be prevented from entering new contracts, paying invoices, buying stock or authorising sales.

Banks

Most banks place limitations on accounts when they become aware that an account holder has lost capacity. Your bank could decide to call in any business loans as they are concerned that the business will not be unable to honour its obligations at this time.

HMRC

Without your signature, the business may not be able to pay its creditors as above, this could include HMRC.

Estate Planning

The Solution.......

Our Business Estate Planning is tailor made to suit you and your Business, taking the standard planning options available on the High Street a significant step further.

Click the buy now option below to purchase your Business Lasting Power of Attorney and let us get this important protection in place for your business TODAY.

 

Alternatively, book an appointment to speak to one of our Team.

We make YOUR Business our Business.

*All prices shown are inclusive of VAT. All prices exclude the Office of Public Guardian fees for registration of a Lasting Power of Attorney and are an additional £82 per Lasting Power of Attorney paid directly to the Office of Public Guardian when requested.

The Will & Trusts Team

Book with our team

Contact us below to book your FREE one-hour Consultation with one of our Experienced Professional Estate Planners so they can provide secure protection for your Estate. Alternatively, contact us on 02380 327171 or info@willsandtrustslegalsolutionsltd.co.uk.

Book Now