After a business closes down, is it required to keep records?

I’ve been wondering that myself. I worked at Borders on and off for 10 years. Now that they are out of business, I often wonder what I’d have to do when writing a resume. What address and phone number would I put down for contact? How long will they keep the records of my being there? I’ll be watching this question.

The records retention requirements vary by type of record, check with a CPA. Rule of thumb for IRS is 4 to 10 years dependent on type of record. Part of the shutdown should include a long talk with both a lawyer and accountant.
I’m not an attorney or accountant.

Here is what the IRS says.

My sis and bro-in-law had a small crafts, jewelry and art supply business. They sold it about 5 years ago. I sent this query to my bro-in-law, who is scrupulous, and will report back.

A lot of this will depend on how the business shuts down.

A sole proprietorship, for example, where the sole proprietor dies, cannot be expected to follow many requirements, even if they exist. The records in that case would become part of the estate of the deceased and would be divided and disbursed in accordance with the will, if one exists, or according to the the law of the jurisdiction for intestate handling.

A business that is acquired by another may have a legal requirement to maintain certain records, but again depending on the execution of the takeover, format of the original records, etc., that may be a difficult requirement to maintain.

When businesses go bankrupt, especially when that happens quickly, or when the business is closed down by legal actions (such as Treasury raids, to name one type of takeover or shutdown), then it may be very difficult to even tell who has the records, much less the status of particular records.

@marinelife The IRS page you showed is for individual tax information. The OP is asking about a business.

Sorry that I misread the question.

My bro-in-law sold his little business; all of the records were sent to the new owner.

Here in norway the records must be kept for 10years, atleast after a buisness closes down, I guess it is pretty common around the (western)world to do it this way.

If it is a gun business, the records must be kept forever or turned over to the government.

Yes, I would say it is very important to keep all your business records.