What is a business records retention policy?

A business records retention policy is a set of protocols designed to govern how long a company should keep important documents and records. It outlines when a document or record should be stored, for what reason, and for how long. It is an important aspect of sound business operations, as it helps to ensure that all necessary documents are kept in a secure, accessible place and that all transactions are properly documented. In the state of Florida, businesses are required to adhere to the laws and regulations set forth by the Florida Department of State, Division of Corporations. This requires business owners to maintain their records according to the standards of the Florida Records Retention Schedule. This schedule outlines the minimum time periods for which a company should keep records, including those related to books of accounts, employee records, and tax records. A well-crafted records retention policy should take into account the particular needs of an organization and carefully consider the legal ramifications of retaining and destroying documents. It should also include guidelines for properly securing, storing, and disposing of records. As the responsible party in charge of records retention, it is important that a business owner understands the terms of the policy and is able to follow them accurately and consistently.

Related FAQs

What type of banking products are available for a business?
What is corporate tax planning?
What type of business insurance is necessary?
What are the legal requirements for a Board of Directors?
What is a corporate compliance program?
What are the advantages of forming a limited liability company?
How do I select a business attorney?
What is a buy-sell agreement?
What is a shareholders' agreement?
How do I set up a non-profit organization?

What is a business records retention policy?

Related FAQs

Related Blog Posts