Time to Think About Year-End Business Legal Planning
Does your business own intellectual property (IP), like registered trademarks or patents? Trademark registrations expire, but can be renewed. Patents also expire. You should know when your IP registrations expire and be prepared to renew the registrations. If you used an attorney to obtain your registrations, your attorney should notify you of upcoming deadlines. But it is also wise to do your own review.
It is also a good time to consider whether you need to apply for a trademark or patent registration or take other action in the upcoming year to protect your valuable IP.
Do you know and understand your current business structure? If you are an LLC or corporation, you have annual filing requirements (usually by tax filing deadlines). It is a good time to review your corporate documents and make sure you are up-to-date and following any necessary formalities. Also, over the last year your business may have outgrown the type of entity under which it was originally created -- or maybe you haven't set up a formal entity in the first place.
There are several different types of business structures, each with their own pros and cons. The new year is a good time to consider whether you are properly protected.