Document Storage Laws

There are laws, specific to people and situations, concerning how long certain documents need to be kept. Some can be kept for short periods of time, while others (such as tax records, insurance information and others) need to be kept for significantly longer periods. 

Company documents:

• Keep certain records indefinitely. Companies are kept to a high standard, particularly in relation to bylaws and minutes, contractual agreements, retirement and pension information, tax information and deeds and patents specific to the company are required to be kept for an indefinite period of time.


• Retain most personnel records for six years. Included in the six-year requirement are time records, disability and illness records, files for previous employees, and W2 statements.


• Keep applications of employment for three years. 


• Preserve sales records for three years (including sales contracts, purchase orders, and sales receipts).


• Retain documents related to shipping and receiving for four years. Depending on the nature of your business, these can include export declarations, shipping manifests, bills of landing, etc.

Rules of accounting records:

Accounting records are held to a higher standard. Certain accounting paperwork needs to be kept longer. You should keep reports from audits, account charts, cash books, year-end financial statements, fixed asset reports, ledgers, and depreciation reports forever. Cancelled checks and payment vouchers have to be held for eight years. Monthly balance reports and expense reports are retained for a period of six years.

Company insurance records:

Insurance documents, likewise, fall under specific rules. Claims against the company have to be retained for at least ten years. Disability and safety reports are required to be accessible for a period of eight years. Reports related to accidents and fire inspection must be kept for six years. Expired policy records need to be retained for six years.