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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 attorney 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to keep records longer than legally required, say, for historical reference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
recognized as requiring permanent record status.
Administrative
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Audit reports, public and government
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Inventory, plant records
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System and procedure records
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Telephone records
Corporate
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Annual reports
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Authority to issue securities
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All capital stock certificates and transfer records
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Dividend register
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Easements
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Incorporation records and certificates
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Licenses; federal, state or local
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Permits to do business
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Records of mergers, consolidations, acquisitions, dissolutions and
reorganizations
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Reports to the Securities and Exchange Commission
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Securities: documents of issuance, listing and registration
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Stock applications for issuance
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Stock certificates, cancelled
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Stock, stock transfer & stockholders records
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Stockholder minutes and resolutions
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Stockholder reports
Legal
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Charters
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Claims and litigation of torts and breach of contract
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Copyrights
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Mortgages
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Patents and related data
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Trademarks
Personnel
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Earnings records
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Employee service records
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Pay checks
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Payroll records, after termination
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Pension plan; applications, claims and correspondence
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Sales performance records
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Training manual
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Union agreements after termination
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