If you run any type of business you should consider making a Business or Commercial Lasting Powers of Attorney (Business LPA). These are specifically designed lasting powers of attorney aimed at managing how businesses operate. Appointing someone to make business decisions if the business owner is unable to make them. This might be because they are just unavailable, out of the country, on holiday or cannot be contacted. Or it could be if they are unable to manage their business as they lack sufficient mental capacity.
Lasting Powers of Attorney textbook (2016)
In the 3rd edition of latest his textbook on Lasting Powers of Attorney published by The Law Society, Craig Ward, our principal solicitor writes extensively on Business LPAs and when and how they should be used.
Contracts and business administration
Without a solid contract, negotiations which can take many weeks go unrecorded. Word of mouth works well, until there’s a problem and then who said what can get rather muddled. Having a written and agreed contract protects all parties and establishes good working and business practices.
Mediation is a confidential process between two or more parties aimed at resolving matters without going to court. Assisted by a mediator all the parties aim to arrive a solution to which you they agree. Mediations can usually be set up quite quickly and a held in private.
How do Mediations work
Mediations work by structured discussions aimed at resolving issues
Collectively overcome differences
Freedom from the formal court process
Resolving problems differently / creatively
Works by identifying you & your issues
Why does mediations work
Mediations allow parties to
Explore alternative options more than the courts could provide
Overcome deadlocks and promote constructive development to resolve disputes
Separate the person from the problem promoting resolution
“…understanding why parties get into deadlock, understanding how they can be helped to move on, and creatively applying this understanding to a variety of situations.”“Mediation can help to prevent future problems…”“Mediation does not have to involve all the issues, it can focus on just some of them.”
The Much Hon. Craig Ward, Baron of Lundie, Solicitor MSc BA(Hons) TEP