Corporate Resolution Needs for an LLC. A limited liability company, also called an LLC, is a business entity type that enjoys certain legal and tax benefits modeled after a corporation, but it is not an actual corporation.An LLC has management flexibility that a corporation does not have.orporate Resolution Needs for an LLC. A limited liability company, also called an LLC, is a business entity type that enjoys certain legal and tax benefits modeled after a corporation, but it is not an actual corporation. An LLC has management flexibility that a corporation does not have.
Tips for Managing Your Tax Records. After you file your taxes, you will have many records that may help document items on your tax return. You will need these documents should the IRS select your return for examination. Here are five tips from the IRS about keeping good records. Normally, tax records should be kept for three years. Some documents â such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property â should be kept longer. In most cases, the IRS does not require you to keep records in any special manner.
How Long To Keep Records. You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out.his chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Tax records are not the only type of records you need to keep for your farming business.