A Business Power of Attorney - just in case!
Posted on 29th June 2018
Ask yourself this....." if you or a fellow Director suffered a medical condition that physically or mentally incapacitated you, how would you keep control of the Company finances?"
Many businesses operate with one or two owners/directors. There is often an assumption that if there are two or more directors the other(s) can step into that person's role and run the business in their absence. However, simple things like paying bills and dealing with the Company Banking could be a major problem due to legal issues, and with data protection tightening, it becomes even more relevant in today's climate.
Personal assets given as guarantees could also be at risk. Banks may even freeze the Company account and pursue recovery of any loans ( your home could also be at risk) if a director is incapacitated for a period of time.
Understandably making sure that continuity of your business in any eventuality is paramount.
Having a Business Power of Attorney ensures this and legally allows someone you trust to make decisions and deal with financial matters if you were unable to do so yourself.
Get in touch to discuss your options and how we can assist.
Written by:
Nicola J O'Sullivan -
Effective Accounting
Founder | Xero Champion | IR35 Expert
Tagged as: Business Tips, For - Contractors, For - Limited Companies, For - Property Owners & Landlords, For - Self-Employed
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