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 Securities Compliance Group Ltd

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: [email protected]

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Answered on 11/28/12, 5:03 am

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