COMPANY RECORD Meaning and
Definition
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Company record refers to a comprehensive collection of documents, files, and information that are created, maintained, and stored by an organization as a means of recording and preserving its activities, transactions, and history. These records serve as an official account of the company's operations and are essential for legal, financial, and administrative purposes.
Typically, company records encompass a diverse range of materials, including but not limited to financial statements, tax filings, invoices, sales and purchase records, employment contracts, shareholder agreements, meeting minutes, correspondence, and legal documents. These records are carefully organized and archived to ensure they are easily accessible and can be retrieved as needed.
The purpose of company records is manifold. They facilitate transparency, as they allow stakeholders to review and evaluate the performance and financial status of the organization. Moreover, they support compliance with legal requirements and regulations by providing evidence of adherence to necessary laws and regulations in areas such as accounting, taxation, and employment practices. Company records also provide a historical reference for the company, preserving its milestones, achievements, and challenges.
Due to their importance, company records must be accurately maintained, securely stored, and regularly updated. They play a vital role in decision-making processes, audits, legal proceedings, and financial analysis. Properly managing and safeguarding company records is crucial for ensuring accountability, facilitating efficient operations, and protecting the interests of the organization and its stakeholders.
Common Misspellings for COMPANY RECORD
- xompany record
- vompany record
- fompany record
- dompany record
- cimpany record
- ckmpany record
- clmpany record
- cpmpany record
- c0mpany record
- c9mpany record
- conpany record
- cokpany record
- cojpany record
- comoany record
- comlany record
- com0any record
- compzny record
- compsny record
- compwny record
- compqny record
Etymology of COMPANY RECORD
The etymology of the phrase "company record" can be understood by breaking down its individual components.
1. Company: The word "company" originates from the Old French word "compaignie", which means "society, friendship, companionship". It can be traced back to the Late Latin word "companio", which is a combination of "com" (together) and "panis" (bread). The term initially referred to a group of people who ate bread together, indicating companionship. Over time, it acquired the sense of an association or organization of individuals united for a common purpose.
2. Record: The term "record" comes from the Old French word "record", which means "memory, statement, or account". This French word, in turn, has roots in the Latin word "recordari", meaning "remember, call to mind".
