USA business records guide
Which documents your US company should keep, how long to keep them and how to organize them, so tax time, bank reviews and state filings go smoothly.
Keep these for the life of the company
Banks, payment processors and the IRS can ask for these at any time.
Formation documents
Articles of Organization or Certificate of Incorporation, plus any amendments.
Operating Agreement or bylaws
Who owns what and how decisions are made.
EIN confirmation
IRS notice CP 575 or letter 147C.
State filings
Annual report confirmations, franchise tax receipts and good-standing certificates.
Ownership records
Member or share records and any changes in ownership.
Registered agent details
Name, address and service dates.
Records that support your tax returns
Every number on a return should be backed by a record you can show.
Bank and card statements
Every business account, every month.
Sales and income
Invoices, marketplace and payment processor reports from Amazon, Stripe, PayPal and others.
Expenses
Receipts and bills that show what you paid, to whom and why.
Owner transactions
Money you put into or took out of the company, and loans between you and the company.
Contracts
Agreements with clients, suppliers and contractors.
Tax forms
Copies of every return you filed, plus 1099s, 1042-S forms and sales tax returns.
Record-keeping periods
Based on IRS guidance. The period usually starts from the date you filed the return.
| Type of record | Keep for |
|---|---|
| Most tax records | 3 years from the date you filed the return |
| If income was under-reported by more than 25% | 6 years |
| Claims for bad debts or worthless securities | 7 years |
| Employment tax records | At least 4 years after the tax was due or paid |
| Property and equipment records | Until the limit period ends for the year you sell or dispose of it |
| If no return was filed, or a return was fraudulent | Keep indefinitely |
| Company formation and ownership records | For the life of the company |
Source: IRS, “How long should I keep records?” Last checked October 2026.
Foreign-owned LLCs: records are part of Form 5472
A US LLC owned by one foreign person must file Form 5472 with a pro forma Form 1120 each year and keep records of all transactions with its owner. The IRS penalty for not filing, or for not keeping these records, is $25,000 per form, per year.
Keep records the easy way
Use one business account
Keep company money separate from personal money. It makes records cleaner and protects your limited liability.
Save it as it happens
Save receipts and invoices when you get them, in one cloud folder per year.
Reconcile every month
Match your books to your bank statements so mistakes are caught early.
Store securely
Keep copies of IDs and tax documents in a private, access-controlled place.
Questions people ask
Can I keep records digitally?
Yes. The IRS accepts electronic records as long as they are complete, readable and can be produced when asked.
What records does a foreign-owned LLC need for Form 5472?
Records of every transaction between the LLC and its foreign owner or other related parties, such as money contributed, money taken out, loans and payments. Missing records can lead to the same $25,000 penalty as a missing form.
Do states have their own rules?
Yes. States can have different time limits for state taxes and sales tax. Keeping records for at least 7 years covers most situations.
Want your books kept for you?
Our bookkeeping service keeps your records organized every month, ready for your tax filing and Form 5472.