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BTM - New Jersey LLC Record Retention Policy

1. Purpose:

This policy outlines the procedures for retaining and disposing of business records for [Company Name], an LLC operating within the state of New Jersey. It aims to ensure compliance with New Jersey state laws, federal regulations, and best practices for record management.

2. Scope:

This policy applies to all employees, contractors, and agents of [Company Name] and encompasses all business records, regardless of format (electronic or physical).

3. Compliance with New Jersey Law:

  • This policy is designed to comply with all applicable New Jersey state laws, including but not limited to those related to:
    • Business entity regulations.
    • Employment law.
    • Taxation.
  • We will regularly review and update this policy to reflect any changes in New Jersey law.

4. Record Retention Guidelines:

  • General Principle:
    • While federal IRS guidelines provide a baseline, we will adhere to any stricter New Jersey state requirements.
    • In cases where New Jersey law does not specify a retention period, we will follow best practices, generally retaining financial records for a minimum of 7 years.
  • Specific Record Categories:
    • LLC Organizational Documents:
      • Articles of Organization, Operating Agreement, amendments: Retain permanently.
    • Financial Records:
      • Tax returns (federal and NJ): 7 years.
      • Bank statements, invoices, receipts, and canceled checks: 7 years.
      • Payroll records: Adhere to NJ Department of Labor and Workforce Development requirements, and also keep for 7 years.
    • Employment Records:
      • Comply with all NJ Department of Labor and Workforce Development regulations regarding wage and hour records, and other employee record keeping.
      • It is very important to insure that all records required by the NJDOLWD are kept for the proper durations.
    • Legal Documents:
      • Contracts and leases: Retain for the duration of the agreement plus the applicable statute of limitations under New Jersey law.
    • Electronic Records:
      • Maintain secure and reliable backups.
      • Ensure electronic records are easily retrievable.
    • Physical Records:
      • Store in a secure, organized, and accessible location.

5. Record Destruction:

  • Records past their retention period will be securely destroyed.
  • Methods of destruction will ensure confidentiality.

6. Policy Review:

  • This policy will be reviewed annually and updated as needed.
  • We will consult with legal and accounting professionals specializing in New Jersey business law to ensure ongoing compliance.

7. Training and Compliance:

  • All employees will receive training on this policy.
  • Compliance is mandatory.

8. Resources:

  • We will maintain up-to-date resources on New Jersey LLC laws and regulations.
  • We will consult with legal counsel as needed.

CTO Signature:

Date:

Key Considerations for NJ:

  • Pay close attention to the NJ Department of Labor and Workforce Development's regulations regarding employment records.
  • Stay informed about changes to New Jersey tax laws.
  • When in doubt, consult with a New Jersey-based legal or accounting professional.

By implementing this policy, we can ensure that [Company Name] remains in compliance with New Jersey law and maintains sound record management practices.