Legal Question in Business Law in Ohio

A minority shareholder (5% of a close corp. in Ohio) has applied for a loan for his other business and is requesting our previous 3 years tax filings. Do we have to provide this information? He is a cosigner on a loan for our business he made when he had majority interest 12 years ago.


Asked on 3/14/11, 12:09 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I can say this. Usually a corporation is under no duty to disclose tax returns to a minority shareholder. This is even more so given the purpose is a loan for the shareholder's other business. Consult with a good business or franchise attorney in your area for specific advice and details.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 3/14/11, 3:48 pm


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