Retention obligation

The obligation on the part of the board of a legal entity to keep administrative records of the financial position and the activities of the legal entity. The board is also obliged to annually draw up the balance sheet A financial method to show how a company is doing financially.
» Meer over balance sheet balance sheet and a statement of income and expenditure of the legal entity. In addition, a retention obligation applies: the board must keep all financial records and documents in any event for 7 years. There are sanctions for the failure to comply with these obligations.