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help! statutory requirements?
What documents must a buisness keep as statutory requirements?
why is it important to keep them?
soo confused accounts n finance is sooooo not my thing!
please help
2 Answers
- Jackie MLv 71 decade agoFavorite Answer
It could be any one of several things. Could be as simple as petty cash receipts or, PAYE details, liability insurance details, I could go on for ever but as I said it depends in which area of accounts.
- CatLawLv 61 decade ago
That depends on a bunch of things.
1/ If the business is incorporated, then the laws of the state where the business is incorporated will required certain documents to be kept, to be filed with the state.
2/ If there are employees, both state and federal laws will require that a business keep certain documents on taxes paid.
3/ Then there is the IRS, go to http://www.irs.gov/businesses/small/article/0,,id=... AND http://www.irs.gov/businesses/small/article/0,,id=... These sites discuss the records that IRS wants kept.
Source(s): Illinois attorney
