Legal Question in Business Law in Massachusetts

Re: closed business records

Probably, none. See prior answers.

However, if you are getting rid of records, make sure that there is no confidential pieces data simply thrown into the trash (e.g., social security numbers, open bank account numbers, credit card numbers, dates of birth, confidential communications, etcetera). Any confidential data should be shredded or burned or otherwise thoroughly destroyed.

Depending upon the business, there may be other specific requirements. You should briefly touch base with an attorney to make sure your type of business isn't affected by special concerns.

Re: closed business records

No reason to retain such records unless you have any possible exposure to a tax investigation where there is any colorable claim that fraudulent returns were filed, or if the business records contain any information regarding environmental contamination. Limitations periods for anything else would have expired by now.

Best wishes,

LDWG

: records of a closed business

It depends on when you formally filed for dissolution of the business. If this formality was done 12 years ago, and unless you suspect the taxing authorities may come after you for some criminal misconduct, you can probably get rid of the records.

It would be in your interest to discuss this with an attorney first.