Legal Question in Business Law in Washington

Business Bank Account
Is there anything legally to support a partner in a small corporation having access to the business bank account?

I ask this because a partner was refused access to the business account, but I don't see how that is legal when the partner owns a third stock in the company.

The other two partners have access to the account. The third has no way of knowing what is going on financially.

Thanks

Asked on 7/10/07, 2:09 am

2 Answers from Attorneys

Susan Beecher Susan L. Beecher, Atty at Law

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Re: Business Bank Account

This question is very similar to another one asked almost at the same time but in greater detail. I am assuming both questions are from the same person. I will answer this one in lesser detail accordingly and the other in greater detail.

First, if there is a corporation, there are technically no "partners". There are officers, directors and shareholders. Officers and directors have rights to information and also fiduciary duties. Shareholders have rights to access to the financial records of the company with reasonable notice. A shareholder may be denied the right to be a signer on a bank account, as may an officer or director but may not be denied the right to view the account information with notice at a reasonable time.

Answered on 7/10/07, 9:00 am

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