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A statute setting a time limit on legal action in certain cases. A statute of limitations is the legal date or time period set as an expiration date on the amount of time that a person or the state can seek legal action. In Idaho the statute of limitations for specific types of cases: Contract [...]
Selecting a particular form of business organization may be a difficult step in starting a business. Each type of organization raises different considerations relating to, among other things operations, personal liability, and tax status. The types of organizations are: general partnerships, limited partnerships (LP), limited liability partnerships (LLP), limited liability companies (LLC), and corporations. General [...]
Under the Idaho Uniform Liability Company Act (Idaho 30-6-101 et seq.) a limited liability company is not required to have a written operating agreement. However, such agreements are advisable so that problems with the management or operation of the company are later avoided. The operating agreement should be approved and signed by the members of [...]
A buy-sell agreement, also known as a buyout agreement, is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business. The plan describes how the interest of each owner of the business will be [...]
An escrow agent is a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Whether you are the buyer, seller, lender or borrower, you want the assurance that no funds or property will change hands until all of the instructions in the transaction have [...]
With a title insurance policy, you as owner, have an indemnity contract that will reimburse you for loss in the event someone asserts a claim against your property that is covered by the policy. Title insurance will pay for defending against any lawsuit attacking your title, and will either clear up title problems or pay [...]