How Long Do You Have to Keep Company Records?

You may need to keep some records indefinitely.

The law requires you to keep certain records for specific periods of time. How long you have to keep them depends on which type of record you are dealing with, according to the Internal Revenue Service.

Personnel

If state law does not specify how long you must keep a record, have it on file for three years. Keep injury records for seven years and injury frequency reports and graphs for ten years, according to HR Training Center. Retain employee files and applications for three years.

Business

Keep anything related to contracts or payments for 10 years, according to Financial Web. Some vital records, such as mortgages, deeds and tax returns should stay as long as the business exists. Save office correspondence and health claims, such as disability payments, for three years.

Miscellaneous

You can throw away unofficial documents, such as miscellaneous notes and copies at your whim, according to HR Training Center. Financial Web suggests saving applications for employees you did not hire for three years, in case the applicant returns and you want a record of why you rejected their first application.

References

• University of Missouri-Extension: Home-Based Business --- Keeping Records
• Internal Revenue Service: How Long Should I Keep Records?
• HR Training Center: Company Records: What Should You Keep ... and for How Long?
• Financial Web: How Long Should You Keep Your Business Records?