What are the legal retention periods for private and business documents?

The proper storage of documents is of great importance in both the private and business sectors. The retention periods vary depending on the type of document and the context.

Business retention periods:
In a business context in Germany, a retention period of 10 years applies to the following types of documents:

Accounting documents: this includes all documents that are relevant for accounting purposes, such as invoices, receipts, bank documents and the like.
Business letters: This includes both business letters received and copied business letters sent.
Annual financial statements and balance sheets: This includes the annual financial statements, balance sheet and profit and loss account.
These deadlines are based on the statutory requirements pursuant to Sections 238, 257 (1) Nos. 2 and 4, (4) HGB and Section 147 (1) Nos. 1, 4, 5 AO in Germany. It is important that companies adhere to these deadlines in order to prevent legal problems and meet the requirements of the tax authorities.

Private retention periods:
In the private sector, the time limits depend on the type of document:

Purchase receipts and warranty documents: it is recommended to keep these for at least three years in order to be able to make any warranty claims. For items with digital elements, it may make sense to keep them for longer.
Online invoices: Should also be kept for at least three years, as online retailers and service providers often do not guarantee long-term availability.
Trade invoices: Recommended to be kept for six years, especially for major renovation work.
Bank statements: Retention for at least four years is recommended, as they can serve as proof of various transactions.
Contracts: Should be kept for the entire term and, in the case of rental agreements, for at least four years after the end of the rental period.
Medical documents, deeds: These should be kept permanently as they contain important information about personal history.
Court judgments: It is recommended to keep these for 30 years in order to be able to assert possible claims.
General recommendations:
Digital backup: for added security, important documents should be digitized and stored securely.
Review retention periods: As legal requirements can change, it is advisable to regularly review the current regulations.
Conclusion:
The correct storage of documents is essential for both private individuals and companies. While a 10-year retention period usually applies in a business context, the periods in the private sector are often shorter and depend on the type of document. Adhering to these deadlines can protect you from legal and financial problems.