Which records do we need to keep, and how long do we have to keep them?

In the past several years, large and small businesses alike have asked this seemingly simple question. Typically, these inquiries solicit responses about (a) the relevance of certain records; (b) retention period requirements; and (c) whether records may be destroyed via a “routine electronic document preservation procedure.” However, businesses are asking a new question with increased frequency: What is a record?