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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 88710
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I am looking for statute of limitations for auditing. If an

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I am looking for statute of limitations for auditing. If an actor doesn't get his share of profit from merchandising (having been told that they didn't make much money), and if the merchandising agreement does not have an audit provision, is there a law that we could refer to, that says for example, within how many years we can challenge after the statement of account is relaeased?
Submitted: 1 year ago.
Category: Legal
Expert:  Ely replied 1 year ago.
Hello, my name is Ely. Welcome to JustAnswer. Please note: (1) this is general information only, not legal advice; and (2) my function is to give you honest information and not necessarily to tell you what you wish to hear. Note: there may be a slight delay between your follow ups and my replies.

I am sorry for your situation. To answer this, I need to know, please: Do you believe that this was a mistake, or, this was deliberate?

This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 1 year ago.

Sorry, I did not mean to ask for legal advice. I would like to know if there is such thing as a statute of limitations for auditing. (I know there is one for taxes...was just giving the information on the subject). Thank you.


 

Expert:  Ely replied 1 year ago.
T,

My friend, no need to apologize. However, perhaps you did not see my original information request - I had stated:

"To answer this, I need to know, please: Do you believe that this was a mistake on their part, or, this was deliberate?"

This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 1 year ago.

We see this as a mistake on their part. Thank you.

Expert:  Ely replied 1 year ago.
Thank you, T.

A mistake falls under the general doctrine of "negligence." In New York, the statute of limitations for negligence is three years under Civ. Prac. L. & R. §214.

However, while ordinarily the statute begins to run at the time of the incident, if not discovered, then it tolls (pauses) until discovery of the (financial) injury, or when it should have reasonably been discovered - whichever is first.

I hope this helps and clarifies. Good luck.

IMPORTANT: Please use REPLY button to keep chatting, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces before submitting the rating, because this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects negatively on me as an expert, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. Do not worry, you may always ask follow ups for free after rating. My ultimate goal is your complete satisfaction.
Customer: replied 1 year ago.

Thank you. Just so that I understand correctly, there is no such thing as statute of limitations for auditing (and that due to the nature of the issue, it would fall under the law that you referred to above)?

Expert:  Ely replied 1 year ago.
T,

Thank you.

You are quite welcome, my friend.

Just so that I understand correctly, there is no such thing as statute of limitations for auditing (and that due to the nature of the issue, it would fall under the law that you referred to above)?

Correct. Statute of limitations are for general legal concepts like:

negligence
fraud
injury
(etc)

Here, this arguably falls under negligence due to its nature, which has a three year statute of limitations as described above.

I hope this clarifies.

IMPORTANT: Please use REPLY button to keep chatting, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces before submitting the rating, because this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects negatively on me as an expert, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. Do not worry, you may always ask follow ups for free after rating. My ultimate goal is your complete satisfaction.
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 88710
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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