The holiday season is a time for relaxation, but it’s also a perfect opportunity to be productive and take proactive steps in strengthening your business. While binge-watching your favorite TV shows might seem tempting, why not use this time to catch up on important legal paperwork and ensure that your intellectual property (IP) assets are properly protected?
Whether you’re a business owner or entrepreneur, now is a great time to reflect on your IP portfolio, ensure legal compliance, and plan for the future. Here are 10 actionable steps you can take this holiday season to increase and maximize the value of your intellectual property and make sure your business is legally sound.
1. Conduct an Intellectual Property Audit
An intellectual property audit is essential for identifying, valuing, and protecting your business’s IP assets. Whether you’re a large corporation or a small startup, this audit is considered a best practice. The Sarbanes-Oxley Act mandates publicly traded companies to protect their IP, and corporate officers can be held accountable for neglecting this responsibility. Even if you’re not publicly traded, an IP audit will help you assess whether your trademarks, copyrights, patents, and trade secrets are properly protected.
2. Review Your Copyrights
Take a fresh look at all your copyrighted materials—whether it’s your website content, software programs, marketing brochures, or product manuals. Have you placed a proper copyright notice on each item? Are these materials registered with the U.S. Copyright Office? Remember, mailing yourself a copy of your work isn’t a substitute for official registration. If you haven’t already, now’s the time to register your copyrighted materials and protect your creative assets.
3. Review Your Trademarks
Trademarks are the backbone of your brand identity. Check whether all your logos, names, and other brand identifiers are properly marked with the ® or ™ symbols. Are you using trademarks and service marks on your business’s website, letterhead, and marketing materials? If your marks are not registered, consider filing for trademark protection to gain stronger legal rights in case of infringement. Also, don’t forget to secure related domain names to prevent cybersquatting.
If your business uses a fictitious name, make sure you’ve filed and published the necessary paperwork with your county.
4. Develop Trade Secret Agreements
If your business relies on confidential information such as client lists, proprietary processes, or innovative business practices, it may have valuable trade secrets. Unlike patents or copyrights, trade secrets are not registered with a government agency, so protecting them is entirely up to you. Consider developing trade secret agreements with employees, contractors, and partners to ensure your sensitive information remains confidential and protected from competitors.
5. Develop a Patent Plan
Do you have a novel invention that could be patentable? If so, it’s essential to document your idea and consult with a Registered Patent Attorney as soon as possible. U.S. patent law has changed over the years, and timing is critical—failing to file your patent application quickly can lead to losing the opportunity to patent your invention. Take this time to assess whether your ideas are patentable and get the ball rolling before the year ends.
6. Meet with Your Accountant
Before the year ends, schedule a meeting with your accountant. This is the perfect time to review your finances, forecast income and expenses for 2025, and make smart tax decisions. Pre-paying certain expenses or deferring income could result in tax savings. An accountant can also help you plan for long-term growth and ensure your financial and legal structures align.
7. Plan Ahead for 2025
Planning is key to success in business, and it’s never too early to start. Take some time to define your goals for 2025 and write down a detailed plan on how to achieve them. Consider what resources you’ll need, what obstacles you might face, and how you can finance your growth. A solid plan can help you stay on track and make the most of opportunities as they arise.
8. Review All Contracts
Reviewing contracts is a crucial step in minimizing legal risk. This includes everything from vendor agreements to client contracts and partnership deals. Are all terms up to date? Do any contracts need modification based on changed circumstances? If you have a website, check that you have legally enforceable Terms & Conditions and a Privacy Policy. Be sure that all contracts—especially those related to intellectual property—contain a robust “force majeure” clause (also known as an “Acts of God” clause), which can protect you in the event of unforeseen disruptions.
9. Check Your Corporate Documents and/or Partnership Agreement
Ensure your corporate records are current and properly filed. If you’ve made recent changes to your business structure, update your corporate documents accordingly. If you’re considering forming a new LLC or corporation, this is the perfect time to discuss the pros and cons with your accountant and attorney. If your business operates under a partnership, review or create a partnership agreement to ensure all terms are clearly defined and legally enforceable.
10. Review Agreements with Employees and Independent Contractors
Are your relationships with employees and independent contractors documented? If you haven’t already, create standard agreements that define the terms of your working relationships. Pay particular attention to the classification of independent contractors—especially in places like California, where recent legal changes could affect your classification. Misclassifying workers can lead to significant legal and financial consequences. Make sure everything is in writing, and that it complies with local and federal labor laws.
Conclusion: Be Proactive, Not Reactive
Now is the perfect time to proactively catch up on your legal paperwork and set your business up for success in 2025. The tips above are just the beginning—there are always other tasks you can take on to make your business stronger, more secure, and legally compliant. By tackling your legal homework now, you can ensure that when you return to work in the new year, you’re in the best possible position to thrive.
Have any additional tips to add to this list? Let us know in the comments or feel free to reach out with any questions. Happy holidays, and here’s to a legally sound and prosperous new year!