How long do you have to retain business records after you sell the business?

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How long do you have to retain business records after you sell the business?

2006-10-25 10:28:50 · 2 answers · asked by bill g 1 in Business & Finance ➔ Small Business

2 answers

7 years for tax purposes as a general rule. Then I would turn them over to the new owners and let them deal with them.

2006-10-25 10:31:29 · answer #1 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋

Some records need to be retained indefinately. General business records are subject to audit for 3 years. If fraud is found, that can extend to seven years. I would destroy after seven years.

2006-10-25 17:37:28 · answer #2 · answered by united9198 7 · 0⤊ 0⤋