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.