Legal Question in Business Law in New York

Re: partner entitled to see finances of company?

A members rights in an LLC are dictated by the Operating Agreement executed or adopted by the membership when one joins the company.

Typically, the costs associated with viewing company documents, financial information and the like are to be paid by the requesting member.

In regards to your specific issue, you should be able to see a copy of the books in total without restriction.

Re: partner entitled to see finances of company?

If you are a member of a New York LLC, you have the right to inspect certain company records (these include tax returns and financial statements for the most recent 3 years) for a purpose "reasonably related to your interest as a member in the company." However, the Operating Agreement may contain limitations on such right for the purpose of confidentiality and protection of trade secrets.

As a practical matter, in light of the fact that the member's right of inspection are not absolute, you may have to resort to litigation if the LLC's managing member or manager refuses your demand for inspection of the financial statements.

The above reply is in the nature of general information, is not legal advice and does not create an attorney-client relationship.