Wow, 2014 is flying by so far. Can’t believe it’s already tax day. It’s been a busy spring for me so far, this month has taken me to Arlington, Virginia for the American Bar Association Section of Intellectual Property Law Annual Meeting, as well as to Fort Lauderdale for the Nova Southeastern Law Sports and Entertainment Law Society Annual Symposium. Both events included interesting content on current issues in intellectual property, entertainment and sports law. I particularly enjoyed taking part in the panel at the Symposium on IP and right of publicity issues in video games, and the impact of the recent decisions in the O’Bannon, Keller and Hart cases on the NCAA and its players.
In addition to it being the time of year to get your taxes in if you haven’t already, it’s also an important time of year in most states for corporations. As you may know, one of the major benefits of incorporating your business as a corporation or similar business entity is that it provides a means of protection for the company’s owners from potential personal liability for the actions of the corporation. Part of keeping this protection involves not only registering with the state, but also maintaining it by filing the company’s annual report with the Secretary of State for that particular state. The annual report is important because if it is not filed in a timely fashion, the company will be what is called administratively dissolved. This means that if you don’t file the annual report, you could lose the protection from personal liability from corporation actions during the time the company is out of compliance. Here in Florida, the deadline is May 1st to file an annual report with the Department of State. I encourage you to familiarize yourself with the deadline in your state if you have a business, and make sure that your paperwork is filed by the respective deadline for that state, or consult with an attorney in your area to help you do so.