As your business prepares for 2025, Ask ACE columnist and attorney Carrie Yardley offers a list of helpful deadlines to keep in mind.
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Q: Looking ahead to 2025, is there a list of legal deadlines that I should keep in mind?
ACE advises: Here’s a list to help Maine businesses prepare for the new year:
1. Corporate compliance: Make a note on your calendar to file your annual report with the Maine Secretary of State by June 1, 2025. Missing this deadline will result in penalties or even loss of good standing.
2. Tax considerations: Make any final adjustments to your expenses to maximize deductions. This is also a good time to address payroll tax issues and estimated payments.
3. Employee-related deadlines: Review employment agreements and confirm compliance with benefits requirements under ERISA or other local regulations. Penalties for failure to comply with Maine Retirement Investment Trust (MERIT) requirements begin in 2025. Likewise, mandatory contributions to the Maine Paid Family and Medical Leave Fund begin in 2025, even though the benefits do not go online until 2026.
4. Licensing and permits: Do not let your credentials lapse. Check the renewal dates of any licenses and permits and make a note to renew them before they expire.
5. Contractual obligations: Review your contracts and agreements. If they are set to expire at year-end, this is an opportunity to renegotiate terms or decide not to renew contracts that no longer align with your goals. Similarly, if an agreement requires notice of termination, note the deadline on the notice on your calendar.
It is much more expensive to deal with a legal problem than to avoid one. Take proactive steps now to save your business time, money and legal headaches in 2025. Happy New Year!
Carrie Green Yardley, founder of Yardley Esq. PLLC, is vice president of ACE and a contributing writer to Mainebiz. Her firm represents small business clients from formation through succession. She can be reached at carrie@yardleyesq.com
