A BLPA is a powerful legal document which allows a Business Owner (Donor) to appoint persons of their own choice (Attorneys), to look after their business affairs. It can be used if they no longer wish to make these decisions, or lack the capacity to manage their business affairs themselves.
Why do I need a BLPA?
The main objective of any Sole Trader, Partner or Company Director is to ensure the efficient running of their business. With daily decisions to be made, staff to pay and suppliers to meet, it is imperative that somebody is able to fulfil their duties if they should be taken ill or become mentally incapable.
If they can’t continue to run their business, either through being physically or mentally incapable, (or by simply being out of the country for long periods of time) it is important that somebody has the authority to act on their behalf in relation to their business interests.