Records

[.Dot]

What is the name of your state? California

I am looking for advice as to what has to be done with employee records once a business has been sold. I recently sold my business, do I need to keep a copy of the personel files or can I just hand them all over to the new employer. THANKS

 

[pattytx]

Depends on the acquistion agreement. Were any of the employees retained by the new company?

 

[.Dot]

California-- For the most part, all employees but two employees were retained by the new company....THANKS!!!!

 

[pattytx]

Assuming you are the HR person, the company really should have involved you in the due diligence portion of the acquisition and preparation of the contract. You need to contact the attorney from your firm (or who handled the legal aspects for your company) and have him track this answer for you. Again, the records that will be turned over to the acquiring company should have been delineated in the agreement. It is likely that the acquiring company would want the employee's files, as it appears your company will be out of business; plus the fact that most of them are now employees of the new company.

Good Luck.