Shareholder agreements: why bother?

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As reported recently in Lancashire Business View, over 1,000 companies have recently been registered in Lancashire.

Whether you are a sole trader, partner in partnership, company director or shareholder, consideration should be given as to what might happen to the business should you become incapacitated by illness or injury, Who would take over the running of the business and its financial and property affairs? What would it mean for your employee’s financial futures?

It is therefore important to consider making a Property and Affairs Lasting Power of Attorney to ensure that family members or other chosen individuals are able to make decision in the event of you being able to do so.

Finally, when entering into Lasting Power of Attorney, it may be necessary to review the articles of association or partnership agreements relating to the company or partnership in advance as these may contain provisions relating to the incapacity of directors or partners.For more information on how to make a Lasting Power of Attorney, please contact Donald Race & Newton Solicitors on 01282 433241.