How can a power of attorney help business owners?

As a small business owner, you have a hand in all your day-to-day activities. Your may not have the resources to delegate responsibilities to employees. Or you may just like to ensure that things are done properly. Either way, without you, your company would have a hard time staying afloat.

So what happens if an unexpected accident or illness prevents you from running your business? Without proper planning, suppliers and employees may not receive payment and your company’s services may languish. But with a power of attorney, you can make sure that someone will be there to make decisions if you can’t.

Granting a trusted person responsibility

A power of attorney is a document that lets you put someone in charge if you can’t make decisions. You can create them for multiple reasons, putting people you trust in charge of medical or financial responsibilities. Once you become incapacitated, the document goes into effect, letting those people run things until you recover.

Putting someone you trust in charge

For your company, you can craft a power of attorney that lets a loved one or trusted employee temporarily take over operations. You can grant the person power to write checks from your business account for your vendors and employees. Or if you have deals in the works, your power of attorney can allow your designated person to sign contracts for you. Your company will stay alive until you get back.

Protecting against the unexpected

You put a lot of yourself into your work. But many unexpected issues can leave you unable to communicate and keep it afloat. If the company can’t run itself with you not around, a power of attorney can ensure that an accident or illness doesn’t shut your business down.

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