Legal Question in Business Law in Pennsylvania

9.8% owner in a business

If you are a 9.8% owner with 6 other people with one of them owning 51% and the one owning 51% keeps financial information from the other 5 people. By law are you intitaled to see all paperwork financial and nonfinancial of the business that you own 9.8% of or are you not intitaled to any paperwork? The owner that owns 51% says no, we are only intitaled to see the financial report but nothing else, such as records backing up the financial report. Is this legal?


Asked on 11/08/05, 8:02 am

1 Answer from Attorneys

Re: 9.8% owner in a business

All shareholders in a corporation have a right to inspect books and records of the company for a proper purpose. The procedure for making the demand and, if it is not honored, proceeding with a lawsuit to enforce the right are set forth in 15 Pa. C.S.A. � 1508.

Please feel free to contact me if you want to discuss this matter further.

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Answered on 11/08/05, 2:52 pm


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