If my family owns a small business, as a shareholder and board member what are my rights?

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If my family owns a small business, as a shareholder and board member what are my rights?

I live out of state and for years have been given little to no information about anything pertaining to this business. One of my siblings serves as Presidnent and does not communicate about meetings and/or votes despite my efforts to reach him. Can meetings and votes take place without my knowledge?

Asked on June 17, 2013 under Business Law, Colorado

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country, you as a shareholder in the family business are entitled to notice of all meetings, the results of the meetings as well as an acocunting as to profits and liabilities of the entity. From what you have written, I suggest that you consult with a business attorney to give you guidance as to how to proceed.


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