Legal Question in Business Law in Arizona

Company's finacials

I am one third beneficiary of a Co. What right do I have in seeing the financial statements? Right now I have been told it's none of my business. It also is incorporated and is a family business. Thank you, Dave Matthews


Asked on 2/14/09, 9:40 pm

2 Answers from Attorneys
Donald W. Hudspeth The Law Offices of Donald W. Hudspeth, P.C.

Re: Company's finacials

Different rights are conferred to holders depending on how they got their rights. The way the books are kept may depend to a degree on what kind of entity it is. Is this a corporation, LLC or a partnership? How much do you think your ownership interest is worth, and what provisions do the Operating Agreement or Bylaws or Partnership Agreement have for purchasing your one-third?

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Answered on 2/16/09, 7:48 pm
Donald Scher Donald T. Scher & Associates, P.C.

Re: Company's finacials

Shareholders have rights to review the books and records of a corporation, however, you do not say what it means to be a "beneficiary" of a company.

In order to answer your question and to determine what claims you may have for mismanagement of the company, you should consult legal counsel at once.

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Answered on 2/16/09, 12:10 am


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