I am selling the stock of my SCorporation and am wondering what my document retention policy for prior years should be. Do I pack up all of my prior year documents and store them for 7 year? Of do the new shareholders have a need/right to have access to these documents? I'm think of invoices etc.

Document Storage S Corporation Sale of Business

TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

If you are selling the stock, you are selling the company to the new buyers. They own the company and the historical records. All you need are records of your cost basis in the stock and the sales price.

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

I am selling the stock of my SCorporation and am wondering what my document retention policy for prior years should be. Do I pack up all of my prior year documents and store them for 7 year? Of do the new shareholders have a need/right to have access to these documents? I'm think of invoices etc.

Tax Professional Answers

View/Select our Current List of Tax Topics

Access Leading Tax Experts And TechnologyIn Our Global Digital Marketplace

I am selling the stock of my SCorporation and am wondering what my document retention policy for prior years should be. Do I pack up all of my prior year documents and store them for 7 year? Of do the new shareholders have a need/right to have access to these documents? I'm think of invoices etc.

Tax Professional Answers

View/Select our Current List of Tax Topics

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

Learn from tax advisors, straight to your inbox

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace