According to Internal Revenue Code (IRC) Section 61, all earned income as a settlement or judgment is taxable, with the exception of monetary reward in damages for discrimination claims or for physical injury. In fact, settlements for physical injury are outlined in IRC Section 104 as non-taxable. ...

Business litigation is typically caused by:  Breaches of Contract: one business does not fulfill its responsibilities outlined in the contract, so the other business seeks legal action. Intellectual Property Disputes: one business has created a new product and legally obtained...

The main difference between arbitration and litigation is the presence of a judge. Arbitration, while still a formal process, is not as formal as litigation. It functions more as an intervention in which a neutral, third-party arbitrator acts as a judge and makes the decision for both companies based on their evidence...

There are many different outcomes of a business litigation case. The most common outcomes offer: Monetary Damages Judgment: a calculated amount of compensation to be awarded to the company that wins the case based on the damages they have suffered from the actions of the other...

It is typically fairly expensive to litigate a case, but it depends on the state, court filing fees, personnel fees, and the complexity of the case. Hiring an attorney and paying expert witnesses can be costly, and even court filing fees typically come out to a few hundred dollars. In Florida, for...

Depending on a case’s complexity, business litigations usually take anywhere from six months to several years. If the case contains multiple pieces of evidence, a long discovery phase, and an extensive list of issues, it can take even longer.

The first step of a business lawsuit is pre-filing, a phase that commences before officially filing a dispute. In this stage, the filing company must gather evidence, conduct extensive research, and file a claim against the company toward which they seek legal action.