Illinois  |  Business Law

Legal Question

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

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

1 Answer

Answered on: 11/28/12, 5:03 am by Adam Tracy

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:

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The Tracy Firm, Ltd. 800 W. Fifth Ave., Suite 201A Naperville, IL 60540

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