If a C-corporation is being closed due to loss of business, who is responsible for storing the old financial records – the CEO or the major shareholder?

Asked on July 2, 2012 under Business Law, Texas


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

With respect to the closure of the sub-chapter C corporation that you have written about and the storage of records for it, typically the CEO who managed the business on a day to day basis is responsible for storing the entity's old financial records based upon custom and practice in the industry absent and agreement to the contrary with any other former officer or shareholder.

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