Legal Question in Business Law in Minnesota
Proof of Stock
I have invested in a company nearly 4 months ago and I still don't have a certificate or any legal paperwork proving I own stock. Is there a legal timeline in which businesses must issue stock certificates or am I being paranoid? Is there anything I am entitled to in lieu of a stock certificate that I can ask for to solidify my position in the company? Thanks for your time.
2 Answers from Attorneys
Re: Proof of Stock
You should have an attorney make a demand for the certificates and stock subscription agreement. Was an attorney handling the incorporation? Are you also a Director or Officer?
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Re: Proof of Stock
The corporate records should reflect the appropriate ownership interests. This would be included,at a minimum, in Minutes from the annual shareholder/director meetings.
Depending on the type of corporate entity and how it is held, you may make a demand to review the corprorate books or, at the very least, to receive a copy of your stock subscription.
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