QUESTION

Legal right for a shareholder to request corporate tax returns and expense information for a small family owned business

Asked on Jul 20th, 2011 on Business Law - Oklahoma
More details to this question:
As a shareholder in a family corporation whose main revenue comes from a leasehold in a oil/gas well, do I have a right to see the tax returns and bank records? We don't receive this information annually and I am concerned how the business is being handled. Please advise me how much information I can request from the Treasurer/President? Thanks so much for your help!
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1 ANSWER

Business Law Attorney serving Cincinnati, OH at Cors & Bassett, LLC
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A stockholder has the right to obtain financial statements for the corporation at a minimum of once a year, and to receive the financial statements for the calendar year.  If the corporation keeps its books on a different year than the calendar year, then the stockholder has the right to see the financial statements for the fiscal year. In addition, a stockholder has the right to call a meeting of stockholders and the right to vote for the election of directors of the corporation. You should send a letter, certified mail, to the corporation's president, asking for a list of the stockholders and asking for a copy of the annual financial statements.  If the president does not send them to you within a reasonable time, then you should consult an attorney in Oklahoma to discuss whether to file a lawsuit to compel disclosure of these items. The laws governing corporations and stockholders are different in every state.  I am an attorney licensed to practice law in the State of Ohio, and I am not licensed to practice law in the State of Oklahoma.  My answer is not tailored to Oklahoma law.  In addition, by answering this question, I am giving general information and I am not tailoring this advice specifically to your situation.  No attorney -client relationship is established by this communication.
Answered on Mar 08th, 2012 at 4:36 PM

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