As a 50% owner of an LLC, what are my rights as far as getting copies of company bank statements?

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As a 50% owner of an LLC, what are my rights as far as getting copies of company bank statements?

I was dissolved from the LLC about 4 months ago (at year’s end). I am responsible for half of the taxes for last year, which I paid. My partner saw to the tax preparations with his accountant. There were errors on the K-1s and I suspect in the tax return. I was able to get a copy of the tax return, however my ex-partner will not give me copies of the bank statements so I can have records in case of a federal or state audit.

Asked on April 23, 2013 under Business Law, Tennessee

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You are entitled to them and if the accountant or your partner refuses to give them to you, you need to sue both the ex-partner and accountant for fraud. You should consult an attorney, who may begin with writing a wonderful letter to this person and accountant basically telling them what they are required to do and how it is illegal for them to withhold information from you.


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