What should my business do with inactive social media accounts?

Audit them, then revive, repurpose, or retire each one deliberately. Keep the handle in nearly every case, because releasing it invites impersonation and squatting, and reclaiming a handle is difficult. 

For accounts you are abandoning, update the bio and profile image to current branding, pin a post pointing to where you are active, remove any support or response promises you will not keep, and stop posting. Delete outright only for duplicate accounts, accounts under a retired brand name with no remaining equity, or accounts you cannot regain access to and cannot clean up. 

An abandoned page with three-year-old posts and a stack of unanswered messages costs more credibility than most teams assume, because prospects read it as a signal about how you handle everything else.