Developing a retention policy may be difficult for some business owners. They may not know what is important to keep and what can be thrown away. Thankfully, there are a few important documents that every business should keep in their retention process near New York City. Continue reading for a list of the important documents you want to keep and make sure are stored safely.
Businesses need to keep the official documents that mark them as a legitimate business. These documents would include incorporation materials, as well as the corporate rules, constitution, and any other important documents from official meetings.
Licenses, Copyrights, Etc.
If your business has licensing or insurances that qualify it for business, then you must retain these files. These documents are essential to your businessâs function because customers will most likely want to see copies of them. The same goes for any patents or copyrights that protect the businessâs or employeesâ inventions or work. By including these documents in the retention process, the businessâs or employeesâ rights are better protected.
It is an accepted rule that most tax records should be kept for up to seven years. By retaining these files, your business can be prepared in the event of an audit or claims issues. If you are ever unsure of what to keep or how long to keep it, then ask your tax specialist or record retention service for more information.
Keeping receipts is essential for businesses. These receiptsâpurchase and sold receiptsâcan help during tax season or in the event of an audit. They can also help if there is ever a disagreement between a business and a vendor about services rendered.
Some property documents may be necessary to keep on a businessâs property, but others should be safely stored away with a retention service. Any important documents involving mortgages or lease information can be retained with the rest of your businessâs documents.