Permanent Records:

• Business Formation Documents: Articles of Incorporation, Operating Agreement, Bylaws, Buy-Sell Agreements

• Tax Returns and Supporting Documents: Annual income tax returns, payroll tax filings (W-2s issued, 1099s issued, 941s, W-9s for vendors), Ohio sales tax returns, Ohio CAT returns, receipts and supporting documentation

• Tax Election Forms: Form 2553, Form 8832, and related correspondence

• Contracts and Agreements: Partnership agreements, vendor contracts (still in effect), leases (still in effect), deeds, mortgages

• Intellectual Property Documents: Trademarks, patents, copyrights

• Financial Statements: Auditors’ reports, annual financial statements

• Fixed Assets: Documentation for purchase of fixed assets

• Tax Correspondence: IRS notices, IRS adjustments, communications with tax authorities

Retain for 7 Years:

• Financial Statements: Balance Sheets, Income Statements, Cash Flow Statements

• Bank Statements and Reconciliations: Check registers, deposit slips, bank statements

• Payroll Records: Timesheets, payroll registers, employee expense reports

• Insurance Policies and Claims: General liability, business property, workers' compensation

• Invoices and Receipts: Purchase orders, sales invoices to customers, expense receipts

• Contracts and Agreements: Vendor contracts (expired), leases (expired)

Retain for 3-6 Years:

• Employee Records: Employee contracts, performance reviews, termination records, employment applications and Form I-9 (from date of termination), personnel files (from date of termination)

• Permits and Licenses: Business licenses, zoning permits, professional licenses

Retain for 2 Years:

• Utility Bills: Electricity, water, internet bills

• Credit Card Statements: Business credit card statements

• Employee Records: Job postings

Note: It is important to store physical copies in a secure location and to have electronic backups to ensure the safety and integrity of your business records. This table should only be used as a guide and recommendations my vary for individual circumstances. You should consult with your attorney and insurance carrier when establishing a record retention policy. It is also recommended reviewing your record retention policy annually and updating it as necessary considering changes in governmental and professional requirements, and the cost of retaining records.