Year-End Maintenance for a Healthy Business
The end of another year presents an opportunity for you to take stock of how your business has developed, and to think carefully about whether you have kept pace with your legal needs. Please consider the following so you maintain a healthy business as you enter the new year.
Corporate
- Pay franchise taxes on company shares to your state of incorporation, often due at the end of the year, not on Tax Day.
- File a Biennial Statement or annual report with your state of incorporation.
- Comply with annual governance requirements, such as holding a shareholders meeting and updating your governance documents to reflect any major actions taken over the past year.
Intellectual Property
- Confirm that each of your employees and independent contractors have assigned the rights in their work product to your company.
- Ensure that your online terms of use and privacy policy still accurately reflect your business practices and are up-to-date with changes in the law―like the regulation for maintaining DMCA protection.
- Consider how your brand has grown and developed, and whether you might have valuable trademarks that should be protected by registration with the U.S. Patent and Trademark Office.
Business Operations
- Make sure you have the right agreements in place for all new hires.
- Check that all essential business licenses are active and in good standing.
- Determine whether there is a current and valid contract in place for each of your most important business relationships, and revisit the terms of any contract for any changes.
