A business record is a document

Document

The term document has multiple meanings in ordinary language and in scholarship. WordNet 3.1. lists four meanings :* document, written document, papers...

 that records a business dealing. Business records include meeting minutes

Minutes

Minutes, also known as protocols, are the instant written record of a meeting or hearing. They typically describe the events of the meeting, starting with a list of attendees, a statement of the issues considered by the participants, and related responses or decisions for the issues.Minutes may be...

, memoranda, employment contract

Employment contract

A contract of employment is a category of contract used in labour law to attribute right and responsibilities between parties to a bargain.On the one end stands an "employee" who is "employed" by an "employer". It has arisen out of the old master-servant law, used before the 20th century...

s, and accounting source documents.

It must be retrievable at a later date so that the business dealings can be accurately reviewed as required. Since business is dependent upon confidence and trust, not only must the record be accurate and easily retrieved, the processes surrounding its creation and retrieval must be perceived by customers and the business community to consistently deliver a full and accurate record with no gaps or additions.

Most business records have specified retention period

Retention period

The retention period of a document is an aspect of records management. It represents the period of time a document should be kept or "retained". At the termination of the retention period, the document is usually destroyed...

s based on legal requirements or internal company policies. This is important because in many countries (including the United States) documents are required by law be disclosed to government regulatory agencies

Government agency

A government or state agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types...

 or to the general public. Likewise, they may be discoverable

Discovery (law)

In U.S.law, discovery is the pre-trial phase in a lawsuit in which each party, through the law of civil procedure, can obtain evidence from the opposing party by means of discovery devices including requests for answers to interrogatories, requests for production of documents, requests for...

 if the business is sued

Lawsuit

A lawsuit or "suit in law" is a civil action brought in a court of law in which a plaintiff, a party who claims to have incurred loss as a result of a defendant's actions, demands a legal or equitable remedy. The defendant is required to respond to the plaintiff's complaint...

. Under the business records exception

Business records exception

The business records exception to the U.S. hearsay rule is based on Rule 803 of the Federal Rules of Evidence . It is sometimes referred to as the business entry rule.-Scope of exception:...

 in the Federal Rules of Evidence

Federal Rules of Evidence

The is a code of evidence law governing the admission of facts by which parties in the United States federal court system may prove their cases, both civil and criminal. The Rules were enacted in 1975, with subsequent amendments....

, certain types of business records, particularly those made and kept with regularity, may be considered admissible

Admissible evidence

Admissible evidence, in a court of law, is any testimonial, documentary, or tangible evidence that may be introduced to a factfinder—usually a judge or jury—in order to establish or to bolster a point put forth by a party to the proceeding...

 in court despite containing hearsay

Hearsay in United States law

Hearsay is the legal term for testimony in a court proceeding where the witness does not have direct knowledge of the fact asserted, but knows it only from being told by someone. In general the witness will make a statement such as, "Sally told me Tom was in town," as opposed to "I saw Tom in...

.