What is a business records retention policy?

A business records retention policy is a set of guidelines that dictate how long and where certain documents should be stored. It ensures that important information about the business is safeguarded and kept secure. In New Hampshire, businesses are generally required to retain records for at least three years, though certain records may need to be kept for longer if they relate to employment, taxes, or other important matters. The types of documents that must be retained include financial records, tax returns, contracts, licenses, and permits, as well as customer and employee records. This information should be kept in a secure space, such as a fireproof safe or offsite storage facility. Additionally, all records should be backed up and stored in multiple locations to ensure that they can still be accessed in case of an emergency. Having a detailed records retention policy in place is important for any business in New Hampshire. It encourages a culture of transparency and accountability and helps ensure the safety and accuracy of the company’s data. It can also save time and money by allowing companies to access the exact information they need in an efficient manner. Compliance with these laws is also crucial for avoiding legal penalties from the state.

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What is a business records retention policy?

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