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A business record is a document (hard copy or digital) that records an "act, condition, or event" [1] related to business. Business records include meeting minutes, memoranda, employment contracts, and accounting source documents. It must be retrievable at a later date so that the business dealings can be accurately reviewed as required.
A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained", irrespective of format (paper, electronic, or other). Retention periods vary with ...
This critical information is contained in the organizations' business records. It has not always been easy to describe what "good recordkeeping" looks like. Yet, this question gains in importance as regulators, shareholders, and customers are increasingly concerned about the business practices of organizations.
U.S. laws require companies to retain records for years, and sometimes forever, and violating U.S. records retention laws can result in domestic fines and penalties. How can U.S. companies comply ...
An inactive record is a record that is no longer needed to conduct current business but is being preserved until it meets the end of its retention period, such as when a project ends, a product line is retired, or the end of a fiscal reporting period is reached. These records may hold business, legal, fiscal, or historical value for the entity ...
Data retention defines the policies of persistent data and records management for meeting legal and business data archival requirements. Although sometimes interchangeable, it is not to be confused with the Data Protection Act 1998 .
Retention schedules are an important aspect of records management.Many organizations are subject to rules and regulations (at the local, state or federal level) that govern for how long they are required to keep records before they can safely dispose of them.
Starting a business is one thing, but starting a successful business is another level of planning and goal-achieving. Before you rush into the wrong thing or talk yourself out of the right one ...