I am selling the stock of my SCorporation and am wondering what my document retention policy for prior years should be. Do I pack up all of my prior year documents and store them for 7 year? Of do the new shareholders have a need/right to have access to these documents? I'm think of invoices etc.
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John Stancil
If you are selling the stock, you are selling the company to the new buyers. They own the company and the historical records. All you need are records of your cost basis in the stock and the sales price.
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405 weeks ago