Maintaining Business Records

Keeping business records for legal and practical needs

Well-organized records can help a business document transactions, respond to questions and support its position in a dispute. Requirements differ according to the business, record type, applicable law and any pending matter. There is no universal retention period for every document.

Keep records in a reliable, accessible form and retain information that explains what they are and how they were created. Copies may be usable as evidence, but admissibility depends on the applicable rules and circumstances. Preserving an original and its context can still be important.

If a dispute, investigation or preservation request arises, obtain advice before routinely deleting potentially relevant material. A normal disposal schedule may need to change. Legal duties, privacy requirements and access controls should be considered together.

This overview is not a retention schedule or an assurance that a particular record will be admitted in court. Seek advice specific to the records and proceeding involved.