Account
Get our app
Account Sign up Sign in

Compliance, corporate records, & annual filings

It's important to maintain your financial, tax and HR records.

Documents

Maintain corporate records FAQs

  • What are corporate records?

    Corporate records are the documents that show to the IRS and local governing agencies that your business is following required laws. Your corporate records may include:

    • Articles of incorporation
    • Bylaws
    • Notes from annual shareholder and director meetings
    • A list of stock owners, stock dividend information, and stock transactions
    • Records of all types of resolutions (hiring, loans, employee benefits)
    • Transactions including records of property sales and purchases
    • Information about large layoffs, market expansions, and new locations
    • Tax records
    • Documents required by your state and local government

    Basically, you should save all business documents in case you need to prove your business is following the laws or if your business is audited by the IRS. Documents can be stored as paper copies, on a hard drive, or in the cloud. You should always backup your files in a secure location.

  • How long do I need to keep my business tax records?

    You may hear different answers to this question. To err on the side of caution, you should keep your business tax records for seven years. It is recommended that you keep a copy of your business returns longer. Some may say you can destroy the records sooner, but seven years will, in most cases, protect you should an issue arise.

  • What documents should my business shred?

    Shredding documents can help you protect your client's information as well as your proprietary business information. For the most part, you should shred any document that you plan on throwing away. You should take extra effort to shred documents that may contain information such as Social Security numbers, credit card information, employee's private health information, payroll information, marketing strategies, new product information, protected vendor or client information, and more. You should also make sure to destroy or wipe electronic copies of the documents as well. Sensitive files saved on portable devices such as laptops, mobile phones and tablets should be password protected and encrypted.

  • How long do I need to save employment records?

    Like tax records, it's best to store employment records longer than you may want to in order to protect yourself. Some say as long as five years after an employee is terminated. Federal, state, and local requirements may vary, but five years should cover most requirements. If your business operates in numerous regions, you may benefit from hiring an employment lawyer that knows the local laws well.

  • Are my business tax records publicly available?

    Many of your business documents are available to the public. With a minimal amount of effort, curious searchers could find your business license information, creditor information, lien information and more. Can people see an actual copy of your return? No, corporate tax returns are not public records. You can find more information if the company is publicly traded.

Ask a lawyer

Our network attorneys are here for you.
Characters remaining: 600
Rocket Lawyer Network Attorneys

Legal guides

  1. How To File Annual Reports for Your Company
    3 min read
  2. When Is the Annual Report for My Business Due?
  3. Small Business Guide to the Corporate Transparency Act
    3 min read
  4. How To Check the Legal Health of Your Business
    3 min read
  5. Key Documents for Effective Board Meetings
    4 min read
  6. What Is a Board Resolution?
    2 min read
  7. What Is a Breach of Fiduciary Duty and How to Avoid It
    2 min read
  8. How Long to Keep Corporate Records
    2 min read
  9. Does your C-Corp or S-Corp Need to Keep Minutes? Corporate Meeting Minutes Requirements by State
    2 min read
  10. What Is a Statement of Information?
    3 min read
  11. What Is Piercing the Corporate Veil?
    3 min read
  12. Do I Need an Administrative Lawyer?
    2 min read
  13. What Are Meeting Minutes?
    2 min read
  14. Benefits of Keeping Records
    1 min read
  15. Corporate Meetings - Unanimous Consent
    1 min read
  16. Corporations - Public Records
    1 min read
  17. Keeping Corporate Minutes
    1 min read
  18. Organize and Conduct Corporate Meetings
    3 min read
  19. Meeting Minutes and the Protection of Assets
    1 min read
  20. Drama-Free in 2024: Compliance & Confidentiality Tips
    3 min read
  21. Types of Records to Keep for Business Taxes
    4 min read

Looking for something else?