This Practice Note, written by Craig Ward, sets out the reasons why an individual should consider making a separate business lasting power of attorney (LPA) to deal with their business assets and the circumstances in which it will be appropriate to make a business LPA (BLPA). The differences between sole trader businesses, partnerships, limited liability partnerships (LLPs) and companies are discussed, in particular the interaction between the BLPA and the partnership agreement or the company’s articles of association. Guidance is also provided on creating a BLPA.
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