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CHECKLIST
KEY RECORD KEEPING
Good record keeping is essential to efficient business operations. It is also critical for all legal related
issues. Setting up a record keeping system is not exciting and doing paperwork can be time consuming.
But creating and maintaining a well-organized system is easier than fixing a poor one.
Here are some ways to organize important business records. Combine one or more of these categories
or break them down, depending on the nature and complexity of your business.
Accounting and Bookkeeping Records
Sales and expense information, inventory, ledgers, income statements, balance sheets, cash flow
statements, and other financial statements should all be Archive yearly.
Bank Records
Bank statements, cancelled checks, bank reconciliations, notices from and to your bank, deposit slips
and any loan related notices and documents. Archive yearly.
Contractual Agreements
Contracts, real estate leases, equipment leases, purchase agreements, sales agreements, joint
venture agreements, work for hire agreements, and other contracts.
Corporate Records
Articles of Incorporation, Bylaws, Shareholder Minutes and Consents, Board Minutes and Consents,
state filings, Action of Incorporator, and amendments to the various corporate documents. If your
business is not a corporation, then the other documents that may be relevant here are partnership
agreements, LLC documents, consents of the owners and similar records.
Correspondence
Important letters sent and received by mail, faxes and important e-mail that you want to make sure is
not lost and should be kept in hard copy.
Employee Records
Employment applications, actual employment offer letters, employee handbook or policies,
employment agreements, performance appraisals, employee attendance records, employee
termination letters, W-2s, and any settlement agreements with terminated employees.
Forms Used in the Business
Standard form of purchase order, sales agreement, offer letter to new employees, employment
applications, etc.
Intellectual Property Records
Trademark applications, copyright filings, patent filings and patents, licenses and confidentiality or
non-disclosure agreements.
Marketing and Advertising Records
Marketing brochures, print ads, web banners, text of radio ads, and other marketing materials.
Permits and Licenses
Permits, licenses or registration forms needed to operate the businesses, whether required under
federal, state or local law.
Stock Records
Stock Ledger where all stock and other securities transactions are recorded, copies of stock
certificates, options and warrants, and copies of all securities law filings.
Tax Records
Quarterly and annual federal and state income tax filings, W-9 filings for independent contractors,
records supporting tax filings, withholding tax records, and other tax related matters.
