Legal Question in Business Law in Illinois

Is an individual who owns 24% of an s-corp entitled to financial information on that company, including information on a prospective buyer?

Asked on 11/28/12, 3:29 am

1 Answer from Attorneys

Adam Tracy The Tracy Firm, Ltd.
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Thank you for your question. The reality is that the fact that it is an "S" corporation really does not effect a shareholder's ability to obtain information. What is relevant is that the corporation is likely a "closely held corporation". In Illinois, a shareholder would in fact have the right to obtain certain financial information as you seek. Please let me know if I can be of further help to you, you can reach me via email: at@ibankattorneys.com

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11/28/12, 5:03 am

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