If you have any experience with the law, there is a strong chance that you have heard the phrase statute of limitations. This phrase is used to describe a length of time by which legal action can be taken against any perceived or alleged wrongdoing. Most people only consider statutes of limitations for criminal acts such as burglary or for personal injury matters such as a motor vehicle accident, but there are certain areas of business law for which a statute of limitations may be important.
As a successful business owner, there may be many people who wish to wrong you; perhaps a competitor seeks to ruin your reputation and drive customers away from you, or maybe a disgruntled business partner is refusing to uphold his or her end of a contract. Whatever the issue might be, there are legal avenues you can explore, and each has a statute of limitations.
Imagine you run a business that prides itself on being family friendly, and you cater to families as your primary customers. In an attempt to harm your business, a competitor makes a baseless accusation that you or your spouse have committed adultery. Without any kind of proof, such accusations could be seen as slanderous, and you could take legal action against the party that made the claims. Florida's statute of limitations for libel and slander is two years.
There are other legal issues you may run into as you run your business, including breaches of contract or contract disputes, allegations of professional malpractice and more. Each of these matters will likely have a different statute of limitations, so it is a good idea to familiarize yourself with the statutes of different legal matters. Alternatively, you could simply contact an attorney who is familiar with Business Law in Florida whenever you run into a legal hurdle.