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(h) Transfer of Records. (1) Whenever an employer is ceasing to do business, the employer shall transfer all records subject to this section to the successor employer. The successor employer shall receive and maintain these records.

EEOC Regulations require that employers keep all personnel or employment records for one year. If an employee is involuntarily terminated, his/her personnel records must be retained for one year from the date of termination.

These 5 phases of a records life cycle include the creation, maintenance and use, final disposition, storage, and secure stages. Each of these phases includes different steps and tasks that must be completed in order to ensure that all documents are properly managed, stored, and disposed of.

Business transactions are ordinarily summarized in books called journals and ledgers. You can buy them at your local stationery or office supply store. A journal is a book where you record each business transaction shown on your supporting documents.

The Small Business Administration and many state statues of limitation recommend seven-year retention periods. Pending claims, such as workers' compensation or open litigation, require retention until the claim is closed. After the record retention time frame expires, the records should be destroyed.

FMLA regulations state that employers must keep any related records for at least three years. These records include: Basic payroll and identifying employee data.

The Small Business Administration and many state statues of limitation recommend seven-year retention periods. Pending claims, such as workers' compensation or open litigation, require retention until the claim is closed. After the record retention time frame expires, the records should be destroyed.

A: Some common types of business records include financial statements, tax returns, invoices, receipts, purchase orders, contracts, bank statements, and employee records.