Statutes of limitations for bringing civil actions exist largely to ensure that individuals and businesses file legal concerns within a reasonable period of time. This is typically for everyone’s benefit.
Evidence can disappear, witnesses’ memories can fade (or they can disappear or die), and the party being sued can file for bankruptcy or close its doors. A statute of limitations also prevents a plaintiff or potential plaintiff from having the threat of a lawsuit dangling over them indefinitely.
In Florida, as in other states, statutes of limitations for various types of civil lawsuits are codified in state law. Most are two to four years from the date a party first knew – or should have known – that they suffered harm for which they hold another party responsible.
Examples of business-related statutes of limitations in Florida
The following are just a few examples of the statutes of limitations that business owners are most likely to have to deal with – either as a plaintiff or a defendant:
- Specific performance contracts: One year
- Libel or slander: Two years
- Recovery of wages (including overtime): Two years
- Professional malpractice: Two years (with some exceptions up to four years for medical malpractice)
- Oral contracts: Four years
- Fraud: Four years
- Personal or property injury: Four years
- Written contracts: Five years
Certainly, it’s better as a plaintiff not to wait until the statute of limitation nears to seek action. It’s also important for any business owner who believes they may become a defendant in a lawsuit to try to resolve any dispute before a statute of limitations date draws near.
Whichever side of a potential civil action you find yourself on, an important first step is getting sound, experienced legal guidance to protect your rights and your business in a timely fashion.