The duration for which you need to store your company records depends on various factors, including legal requirements and industry standards. It is important to consult with legal professionals or regulatory authorities to determine the specific retention periods applicable to your business.

In general, certain types of records must be retained for a minimum period of time to comply with legal obligations. These may include financial records, tax returns, employment records, contracts, and other important documents. The retention periods for these records can vary depending on the jurisdiction and the type of record. Moreover, industry-specific regulations or professional standards may also dictate specific retention periods for certain records. For example, in the healthcare industry, patient records must often be retained for a certain number of years to comply with privacy laws and ensure continuity of care. It is important to note that in some cases, retaining records for longer periods than legally required may be advisable for business purposes, such as for historical reference, or to defend against potential legal claims.

To determine the appropriate retention periods for your company records, it is recommended to seek guidance from legal and accounting professionals who can provide specific advice based on your jurisdiction and industry. They can help ensure that your record-keeping practices align with legal requirements and best practices.