How will your business operate without you?

Do you have a plan in place so your business can operate if you are unexpectedly incapacitated?

Whether you operate your business as a sole trader, partnership or through a company, if you are out of action as a result of serious illness, injury or incapacity (even if temporary) then this could have a significant impact on your business.

It is important that your business continues to bring in an income for you and any employees, if at all possible, and that your business is able to function to protect the reputation and goodwill you have built. Often family members or employees do not have the necessary authority to continue to operate the business on your behalf during your absence, which can quickly impact on the finances and reputation of the business.

As part of planning for the future of your business, you could consider putting in place a lasting power of attorney to give someone you choose the ability to operate your business if you are unable to. Importantly, you can retain control over the decision-making process (until such time as you lose the capacity to make decisions) and your attorney can provide practical assistance to keep your business running if such unfortunate circumstances arise.

If you would like to discuss the options available to you, our friendly and approachable solicitors are available discuss these with you. Give us a call on 01473 611211 or email [email protected]

Elaine Mann is a solicitor in the company commercial department at Barker Gotelee, Ipswich Solicitors.

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