Legal Question in Business Law in Minnesota

Re: Company Records Retention Laws

Depends on the records, the industry and Federal + State reqs are different.

I would need to review all categories + get more

Info to advise.

I am located in Eden Prairie but practice statewide.

Call or email for assistance.

Re: Company Records Retention Laws

In order to make sure your company is complying with Minnesota law, I advise you contact an attorney to have him/her conduct research and write an opinion letter for your company's records. I would be happy to assist with this matter. Feel free to contact me.

Re: Company Records Retention Laws

There is no specific law regulating records retention that I am aware of, without having researched the issue. The MN statute of limitations for construction claims can run as long as 12 years after substantial completion, so a lot of firms have implemented records retention policies that take this into account. The statute of limitations for IRS audits is generally 4 years. So those are the general parameters you should be looking at.

Standard disclaimer: The comments above are based on limited facts and should not be considered legal advice. We do not have an attorney-client relationship.

Re: Company Records Retention Laws

thank you for your question about the retention of business records.

As a general matter, you should retain all records necessary to sustantiate your income and deductions for a period of at least three years. This would include receipts and any job records that reflect or support business expenses, losses etc

Other records. such as those related to personnel matters, should usually be kept for a similar period. These may be necessary not only to support deductions on a return, but in the event of an employment claim. Similarly, records that may be necessary to respond to a damage or contract cliam should usually be retained -- for a maximum of six years.

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