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What is a statute of limitation?

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 [...]

By |2022-01-11T13:14:24+00:00January 11th, 2022||Comments Off on What is a statute of limitation?

What are the different forms of businesses?

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 [...]

By |2022-01-11T13:13:52+00:00January 11th, 2022||Comments Off on What are the different forms of businesses?

Do I need an operating agreement?

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 [...]

By |2022-01-11T13:12:40+00:00January 11th, 2022||Comments Off on Do I need an operating agreement?

Do I need a buy/sell agreement?

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 [...]

By |2022-01-11T13:11:51+00:00January 11th, 2022||Comments Off on Do I need a buy/sell agreement?

Why do I need an escrow agent?

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 [...]

By |2022-01-11T12:57:34+00:00January 11th, 2022||Comments Off on Why do I need an escrow agent?

Is title insurance a good idea?

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 [...]

By |2022-01-11T12:57:53+00:00January 11th, 2022||Comments Off on Is title insurance a good idea?
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