Permanent Records to Retain
1. Incorporation/Partnership documents, including bylaws and any updates and/or revisions
2. Minutes and/or Resolutions of the Board of Directors and Shareholders
3. Filings with the Secretary of State
4. Notices from the Internal Revenue Service:
a. Federal Employer I.D. Number assignment
b. Sub-S election
c. Tax-exempt status notification
5. Franchise Tax Board notices
6. Employment Development Department ID # assignment
7. Loan Documents
8. Lease agreements
9. Seller's permit, resale license, and Board of Equalization notices
10. Original purchase contracts for significant property or equipment
11. Annual financial statements
Keep all these records for at least six years after expiration or dissolution of the business, and then make sure to properly destroy any sensitive information before disposal. You may elect to keep records longer, but the minimum required by the IRS is 6 years.
2. Minutes and/or Resolutions of the Board of Directors and Shareholders
3. Filings with the Secretary of State
4. Notices from the Internal Revenue Service:
a. Federal Employer I.D. Number assignment
b. Sub-S election
c. Tax-exempt status notification
5. Franchise Tax Board notices
6. Employment Development Department ID # assignment
7. Loan Documents
8. Lease agreements
9. Seller's permit, resale license, and Board of Equalization notices
10. Original purchase contracts for significant property or equipment
11. Annual financial statements
Keep all these records for at least six years after expiration or dissolution of the business, and then make sure to properly destroy any sensitive information before disposal. You may elect to keep records longer, but the minimum required by the IRS is 6 years.
