Important business dealings and operations should be documented, kept well organized, and easily accessible. For example, every South Carolina business should:
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Always keep good records of its income and expenses. Failure to keep good records can cause nightmares at tax time. A record keeping system tailored to your type of business should be thorough and implemented as soon as possible.
Keep track of all of its contracts. Keep all contracts still in effect in a safe place. If you have no record of how the deal was structured, it is hard to win if you are wronged by the other party.
Keep track of all employee records. Employee records should be kept in a safe place and should be kept private from persons not authorized to see them. You should keep employee records to protect yourself from employees claiming something that was not agreed upon, at the same time you must guard against the negligent release of confidential information.
Keep track of all required tax filings. Tax records may be required to be kept for up to seven years. Make sure you understand applicable requirements before you destroy old tax records.
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IMPORTANT DISCLAIMER: This checklist (in whole or part) is not an exhaustive list of legal issues applicable to any business. Its purpose is strictly educational. It is not intended to be construed as legal advice, or a substitute for legal advice, and should not be relied on without consulting a licensed attorney competent in business matters. The federal, state, and local laws and regulations on which this information was originally created are subject to change without notice. No warranty, whether express or implied, is made as to the frequency or timeliness of any corrections or updates to the information provided herein.
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