7 years
Seven years is standard.
It varies according to the country.
It is required by the FASB and the government. It is your legal obligation.
All financial records for companies should be kept for at least 7 years.
You can look to the state corporate law under which your association was incorporated. There may -- or may not -- be guidance there as to the number of financial records to be kept. As an owner, you can request copies of all financial records. With copies in hand, you can consult with a local, common interest community attorney or CPA, and get the answer you want. Note that keeping multiple sets of financial records rarely indicates transparency in the conduct of business.
yea
Seven years is standard.
It varies according to the country.
false
false
It is required by the FASB and the government. It is your legal obligation.
false
Important records, such as a financial statement is an item that you would be most likely to keep in a database.
Churches typically keep records of membership, baptism, confirmation, marriage, and sometimes financial contributions. These records help track the congregation's demographics and history, as well as assist in pastoral care and administrative purposes.
All financial records for companies should be kept for at least 7 years.
To bail is to discard water to keep a boat from sinking. Similarly, to bail out someone or a business is generally to keep them from financial ruin. One can partially bail out someone, as to assist them from financial ruin.
You can look to the state corporate law under which your association was incorporated. There may -- or may not -- be guidance there as to the number of financial records to be kept. As an owner, you can request copies of all financial records. With copies in hand, you can consult with a local, common interest community attorney or CPA, and get the answer you want. Note that keeping multiple sets of financial records rarely indicates transparency in the conduct of business.