recordkeeping

What Types of Records Should Be Kept?

Businesses should maintain a variety of records, including but not limited to:
Financial Records: Ledgers, balance sheets, income statements, and cash flow statements.
Tax Records: Copies of filed tax returns, supporting documents, and correspondence with tax authorities.
Employee Records: Payroll records, employment contracts, and performance evaluations.
Operational Records: Inventory logs, production records, and sales reports.
Legal Documents: Contracts, agreements, and corporate bylaws.

Frequently asked queries:

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