I just purchased a business under a new LLC. Which documents, if any do I need to save from the old LLC?

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I just purchased a business under a new LLC. Which documents, if any do I need to save from the old LLC?

Examples of documents I’m looking at with the old LLC are time sheets, employee
applications, incident reports, drug testing forms. These all have the old LLC.
Do I need to save them or may I shred them?

Asked on July 14, 2019 under Business Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

Did you buy the actual old LLC itself? If you did, then so long as the old LLC is in existence and you are the owner of it, you need to retain those documents because the old LLC could potentially face employee-related liabilities or claims and those documents would be germane to them. But if you bought the business's assets (e.g. accounts, "good will," inventory or equipment, etc.) but not the LLC, you can shred those: your new LLC is a separate legal entity (or "person") than the old one, and is not liable or responsible for what the old LLLC.


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