Navigating 2025
Navigating 2025: Cooper & Iravani LLP's Legal Business Checklist
By: Keith Cooper and Katayoon Iravani
As we kick off the new year, Cooper & Iravani LLP is excited to help businesses thrive with our 2025 Annual Legal Business Checklist! Think of it as your ultimate roadmap to navigate the ever-changing legal world, packed with key insights and must-know compliance tips. We’ve got you covered on everything from staying ahead of new regulations to tackling urgent legal requirements, so your business can power through the year with confidence. Let's make 2025 your best year yet!
FinCEN BOI Filing: Please ensure that you complete the FinCEN BOI filing as soon as possible, and remember it is an annual filing. Reporting companies created or registered before January 1, 2024, have until January 1, 2025, to file their initial BOI reports with FinCEN. Companies created or registered on or after January 1, 2024, have 90 calendar days to file. Companies that willfully provide false information or neglect to report by the filing deadline can face civil penalties of up to $500 each day the violation continues and fines of up to $10,000, or up to two years of imprisonment.
Annual Filings: Ensure the information on your State Annual Report is current. File updated annual reports and pay applicable taxes in your home state and any other states where your company is registered as a foreign entity. The requirements and deadlines for state annual reports vary by state.
Permits: It is important to check the requirements for all authorizations, licenses, approvals, and permits held by your company from any local, state, U.S., or foreign governmental agency, including any necessary renewals.
Annual Corporate Meeting Minutes (Corporations Only): Prepare and store minutes or consents from shareholders, directors, and committees in the company’s corporate records. This also includes maintaining minutes from special meetings.
Intellectual Property: Review U.S. and foreign trademark filings and registrations to check for impending renewal deadlines. Ensure all intellectual property created in the past year is protected by patents, trademarks, copyrights, and trade secrets. Ensure ownership is properly transferred to the company for intellectual property created by others, including yourself if you are the owner.
Data Security: Ensure personally identifiable data handled by your company complies with state, U.S., and foreign laws on data security, breach response, and user requests.
Founder Agreements: Ensure founders have executed appropriate agreements granting their equity interests in the company, whether on a vesting schedule or otherwise.
Employees and Independent Contractors: Ensure all employees and contractors have agreements describing their relationship with the company. These agreements should include provisions transferring ownership of all work products to the company, confidentiality clauses, and non-compete provisions (excluding California). Ensure your Employee Handbook is updated and complies with state/local laws.
Vendor and Non-Compete Agreements: Review all vendor agreements to ensure you're up to date on termination windows and renewal procedures. Formally terminate any agreements or statements of work (SOWs) that no longer serve your business. As of February 14, 2024, all California employers are required to notify employees and contractors that any non-compete clauses in their agreements are void and unenforceable under California law. Given California's strict stance against non-competes, it's essential to revise or remove these provisions to stay compliant and avoid potential legal issues. Make sure your team is in the loop to keep everything above board!
Customer Agreements: Review all terms of service, privacy policies, SaaS agreements, and customer agreements to ensure they reflect the company’s practices and are legally up to date. Track non-form agreements' termination dates and renewal procedures.
Incentive Equity Plan: Conduct an annual 409A valuation if the previous one is outdated. Ensure equities allocated to the incentive plan are appropriate, and confirm that grant terms, vesting, and exercise periods are still appropriate.
Investor Relations: Ensure all agreements related to investments or loans, such as stock purchase agreements, promissory notes, and SAFEs/SAFTs, are properly documented.
Insurance: Check your insurance coverage renewal status and deadlines. Ensure the company is adequately insured for its specific business operations.
Accountants and Accounting: Ensure the company’s financial records are well maintained and state and federal taxes are filed. Retaining an accountant is highly recommended.
As we wrap up our journey through the 2025 Annual Legal Business Checklist, Cooper & Iravani LLP remains committed to being your trusted legal partner in today’s fast-paced business environment. By addressing the critical points in this checklist, you’ll strengthen your organization’s legal framework and lay the foundation for sustainable growth. Our support doesn’t end here—whether you’re navigating new challenges or seeking customized legal advice, we’re here to provide the strategic guidance your business needs to thrive in 2025 and beyond.
Don’t hesitate to reach out for a personalized consultation!
