Records Retention for the Long Term

 

There are many factors to consider when establishing guidelines for corporate records retention, including statutes of limitations for individual states, and government agency regulations. It's best to check with regional tax authorities for details and have your CPA and solicitor approve your records retention timetable in its final form.

The Short List of Long-Term Documents

Retention guidelines vary by type of document. There may be very good reasons to keep records longer than legally required, say, for historical reference purposes. The following, while not offered as final authority, are generally recognised as requiring permanent record status.

Administrative

  • Audit reports, public and government
  • Inventory, plant records
  • System and procedure records
  • Telephone records

Corporate

  • Annual reports
  • Authority to issue securities
  • All capital stock certificates and transfer records
  • Dividend register
  • Easements
  • Incorporation records and certificates
  • Licenses; federal, state or local
  • Permits to do business
  • Records of mergers, consolidations, acquisitions, dissolutions and reorganisations
  • Securities: documents of issuance, listing and registration
  • Stock applications for issuance
  • Stock certificates, cancelled
  • Stock, stock transfer & stockholders records
  • Stockholder minutes and resolutions
  • Stockholder reports

Legal

  • Charters
  • Claims and litigation of torts and breach of contract
  • Copyrights
  • Mortgages
  • Patents and related data
  • Trademarks

Personnel

  • Earnings records
  • Employee service records
  • Pay checks
  • Payroll records, after termination
  • Pension plan; applications, claims and correspondence
  • Sales performance records
  • Training manual
  • Union agreements after termination