How Long to Keep Corporate Records

There are different reasons to keep corporate records for a period of time. If a liability issue for the corporation arises, various corporate documents, including meeting minutes, should be available for production for discovery. Meeting minutes will show that the officers and the shareholders are following the corporate resolutions.

The IRS also requires corporations to keep tax documents for anything claimed as depreciation. If an item is being depreciated for seven years, any documents relating to that item must be kept for seven years.

While there are no laws other than IRS regulations stating that corporations must keep documents, it is a good idea to keep a file of all corporate documents with the exception of duplicates and drafts of documents. A draft is a document that has been edited and is not the final, signed contract or document dictating a procedure. You should not rely on online public records for access to any of your documents. Just because a document is available online does not guarantee timely access.

You can find templates for meeting minutes, corporate records,and other documents at RocketLawyer.com. It only takes a few minutes to complete the free Business Legal Check Up to find out exactly what documents you need for your business.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.