A word of caution as you scan the business horizon for 2019 and think about possibly buying a business or selling one. Depending on which side of a judgment you land on, it’s either a significant asset or obligation. Like a statute of limitations for filing a lawsuit, judgments in Arizona have a lifespan during which they can be enforced. When that enforcement period runs, a judgment expires and is forevermore unenforceable unless it is renewed through one of the several processes. For decades, the enforceable lifespan of Arizona judgments has been five years from the date the judgment was entered; although a process exists for renewing these.
Those Buying a Business or Selling Should Beware in 2019