Licensing a copy, keeping the originals
How long must a company keep accounting records? UK and US
Updated
A licence hands a buyer a copy of the books; it never ends the company's duty to keep and preserve the originals.
UK companies
Section 386 of the Companies Act 2006 makes every company keep adequate accounting records, including day-to-day entries of money received and spent, and section 388 sets three years for a private company and six years for a public one. Failing to keep them is an offence by every officer of the company who is in default, and an officer who fails to take all reasonable steps to have them preserved for that period commits an offence too.
Source: Accounting records law, UK and US
US companies
Treasury regulation 1.6001-1 requires books of account sufficient to establish gross income and deductions, kept so long as their contents may become material to any internal revenue law, and the IRS ties that to the period of limitations for each return.
Source: Accounting records law, UK and US
Before you export
Keep a full copy under the company's control for the retention period, and license a copy. Never delete the originals to tidy up before a sale: destroying records with intent to impede, obstruct or influence a bankruptcy case, including one only in contemplation, is a federal crime under 18 U.S.C. 1519.