What is a business records retention policy?

A business records retention policy is a set of guidelines that businesses in South Carolina must follow when it comes to storing, organizing, and archiving their business records. The policy outlines what records must be kept and for what length of time, how the records must be sorted and catalogued, and what requirements must be met in order to ensure the security and accuracy of the records. Under South Carolina law, businesses are required to maintain accurate records of all financial and legal transactions. These records must be kept for at least three years following the completion of the transaction. This includes invoices, receipts, contracts, bank statements, and any other document related to the business. Additionally, businesses must also maintain accurate personnel records including Form I-9s, pay stubs, employee handbook, and employee job titles for all current employees. The purpose of a business records retention policy is to ensure that businesses can accurately and efficiently manage the records that are necessary for them to comply with local, state, and federal laws. By having a well-defined policy, businesses can minimize the risk of legal and financial repercussions due to their failure to maintain proper records. In addition, an up-to-date policy can also help businesses save time and resources related to their record-keeping activities.

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