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Not all documents are records. A record is a document consciously (consciously means that the creator intentionally keeps it) retained as evidence of an action. Records management systems generally distinguish between records and non-records (convenience copies, rough drafts, duplicates), which do not need formal management.
Records life-cycle in records management refers to the following stages of a records "life span": from its creation to its preservation (in an archives) or disposal. While various models of the records life-cycle exist, they all feature creation or receipt, use, and disposition.
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.
Hoffman, 318 U.S. 109 (1943), the Supreme Court of the United States ruled that an accident report created by a railroad company which was prepared in anticipation of a lawsuit by the victim was inadmissible, because it was not prepared in the regular course of business. Railroad travel, and not litigation, was the primary business of the ...
During its existence, information may be designated as a record if it documents a business transaction or fulfills a specific business requirement. In this sense, ILM is a part of the broader framework of enterprise content management. The term "business" is used in a broad sense, encompassing more than just commercial and enterprise activities.
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 ...
Prison time is rare for people convicted in New York state of felony falsification of business records, the charge Trump, a businessman-turned-politician, faced at his six-week trial.
Records are specialized forms of information. Essentially, records are information produced consciously or as by-products of business activities or transactions and retained because of their value. Primarily, their value is as evidence of the activities of the organization but they may also be retained for their informational value.