| Type of Record |
Retention Period |
| Copies of tax returns as filed |
7 yrs after liquidation of entity |
| Tax and legal correspondence |
7 yrs after liquidation of entity |
| Audit reports |
7 yrs after liquidation of entity |
| General ledger and journals |
7 yrs after liquidation of entity |
| Financial statements |
7 yrs after liquidation of entity |
| Contracts and leases |
7 yrs after liquidation of entity |
| Real estate records |
7 yrs after liquidation of entity |
| Corporate stock records and minutes |
7 yrs after liquidation of entity |
| Bank statements and deposit slips |
6 yrs |
| Sales records and journals |
6 yrs |
| Other records relating to revenue |
6 yrs |
| Employee expense reports & records relating to travel & entertainment expenses |
6 yrs |
| Canceled checks |
3 yrs |
| Paid vendor invoices |
3 yrs |
| Employee payroll expense records |
3 yrs |
| Inventory records |
3 yrs |
| Depreciation schedules |
At least tax life of asset plus 3 yrs |
| Other capital asset records |
At least tax life of asset plus 3 yrs |
| Other records relating to expenses |
3 yrs |
| Partnership agreement and amendments |
Permanently |
| Operating agreement and amendments (LLC) |
Permanently |
