If you run a business or hold a directorship in a business, you need a Will and a Business LPA because recent changes in legislation and case law mean it is now almost impossible to remove a Company Director who has lost mental capacity.
Would you want your business to be run by someone who is unable to make logical decisions?
Given the potential risk to Directors and their families from being sued by Co-directors and Shareholders for having not made sufficient provision, it is now vital that everyone who runs a business has a LPA dealing specifically with their business affairs.
Although the legislation covers specifically Company Directors, should a case come before the courts concerning either a Sole Trader or a Partnership, then the courts are likely to apply the same principles.
Did you know?
Without a business LPA, it is almost impossible to remove a Company Director who has lost mental capacity.