What You Need To Know About New Jersey’s Statutes of Limitations for Common Business Disputes
To preserve your legal rights and claims, it is imperative to commence a business litigation within the applicable statute of limitations. Each state has enacted statutes prescribing a period of limitation for the bringing of certain types of legal action, with the goal of putting adversaries on notice and encouraging the resolution of legal claims within a reasonable amount of time. Absent legal authority, courts are unable to extend the time for filing suit, often leaving tardy plaintiffs with limited legal remedies.
Negligence: Two years for personal injury claims and six years for property claims.
Trade Secret Misappropriation: Six years.
The statute of limitations begins to run from the time when the plaintiff’s cause of action accrues, typically when the act or omission giving rise to the claim occurred. However, New Jersey has adopted the discovery rule, an equitable rule that delays the accrual of certain actions until the plaintiff discovers, or reasonably should have discovered, facts that form the basis of a cause of action or provide a basis for an actionable claim.
The legal doctrine known as “tolling” allows for the pausing or delaying of the running of the statute of limitations period until a specified legal event occurs. For example, when the claimant is a minor, certain statutes of limitations may be tolled until he or she reaches the age of majority. Parties can also agree to enter into a tolling agreement to delay the running of the statute of limitations.
Determining statutes of limitations that apply can be a complex task. Because time is of the essence when pursuing legal claims, it is advisable to contact an experienced attorney as soon as you suspect you may have a claim. Further, an experienced attorney should be consulted before entering into a tolling agreement relating to relevant claims.
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Dissolving Your Business: Essential Legal Steps to Protect Your Interests
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
The Role of Corporate Restructuring in Mergers & Acquisitions
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
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