There are many on this list that will come in with wonderful info far
greater and eloquent than I.
From personal experience, I have seen the company just put their records in
a rented warehouse and keep them for to many years because they are afraid to
get rid of them. In another case, a large corporation did this as well,
after pulling everything out of a commercial records storage facility as even
with paying the out fee it would be much less expense in the long run. Their
opinion not mine. Small businesses I have known frequently are using a
mini-warehouse and just rent another unit as needed.
I was called in to review environmental records but that company which had
been closed for a number of yeas, decided it did not want to pay my fee to tell
them what they must keep and what they could eliminate. Again, they felt
it less expensive to just keep everything.
I have seen mergers where the purchasing company did not want to do anything
with the records of the company it acquired that would cost them money.
Trudy M. Phillips
File Management, LLC
"Bringing Order Out of Chaos"
8440 Lanewood Circle
Leeds, AL 35094
Office: 205/699-8571 Fax: 205/699-3278
_www.filemanagement.com_ (http://www.filemanagement.com/)
In a message dated 11/19/2008 3:04:24 P.M. Central Standard Time,
[log in to unmask] writes:
With the current business climate being in recession or decline, it got me
thinking about companies which go out of business and what happens to their
records. To "go out of business" I guess could happen in a lot of ways so
that's one variant. And depending on the type of business it is,
proprietorship, partnership, corporation or some form of one of those is
another variant. For coporations, public or private might be another
variant.
Let's say a private corporation goes out of business and ceases to operate.
What happens to their records and is there any formal guidance for this or
protection of business partners, customers, etc?
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