Legal Question in Business Law in Utah

Financial Disclosures in Business

I am in a business partnership (our company is incorporated holding 20% ownership. My partner is unwilling to allow me inclusion into financial knowledge, particularly access to company credit card statements to know where and how the company's monies are being spent. Should I be allowed access to monitor his spending as well as our employees?


Asked on 4/06/08, 12:19 pm

3 Answers from Attorneys
Mel Larew

Re: Financial Disclosures in Business

Unless there is some prior agreement or some legitimate "need to know" exception, every owner (or owner through a representative) is entitled to such information.

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Answered on 4/06/08, 1:38 pm
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: Financial Disclosures in Business

As a partner you are entitled to access to the company's book and records.

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Answered on 4/07/08, 10:35 am
Randy Lish Randy M. Lish, Attorney at Law

Re: Financial Disclosures in Business

What follows is the statute in Utah dealing with this question: 48-1-16. Partnership books.

The partnership books shall be kept, subject to any agreement between the partners, at the principal place of business of the partnership, and every partner shall at all times have access to and may inspect and copy any of them.

No Change Since 1953

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Answered on 4/07/08, 12:43 pm


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