The following Private Client guidance note Produced in partnership with Craig Ward, MSc Solicitor and Visiting Research Fellow of King’s College London provides comprehensive and up to date legal information covering:
A business lasting power of attorney (BLPA) allows the donor to appoint an attorney to make decisions concerning their business interests either when they are unavailable or lack mental capacity. A BLPA should be distinguished from a Financial affairs LPA created to manage an individual’s personal finances. Research conducted by this author has found that EPAs and LPAs are usable to make business decisions.
Powers of attorney (POA) are already widely used by businesses to manage a range of commercial situations. BLPAs should be seen as an extension of managing business interests, as part of the business crisis management practice and reducing business risk. As businesses already use POAs, practitioners should ensure they distinguish these from BLPAs. Where the distinction is lost this may lead to misunderstanding and potential negligence as appropriate advice may not have been understood. Ideally, solicitors should advise business clients on making two separate LPAs—a personal LPA(s) (Financial and also Health & care, if desired) and one to manage their business interests. Senior Judge Lush has commented there are 'Cases where the donor should have made two LPAs: one for their business affairs and the other for their personal finances', (Lush  Eld LJ 144). This Practice Note explains when a BLPA will be required, what problems it may avoid, who may act as a business attorney and
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