Legal Question in Business Law in Michigan

Shareholder Banking Rights

Shareholder A(49%) discovers that Shareholder B(51%)has set up a bank account at another bank. Partner A, after examining the account history discovered that received check of $47,300 was not deposited in corporate account by partner B. Partner A upon examining account history closer realized withdrawals by an ATM card for the account by partner B(reasons unknown). When confronted Partner B has Partner A removed from account. What rights does partner A have? Can Partner B, because he has 51% equity able to have independent accounts using the company name? what recourse does partner A have?

Asked on 8/28/06, 1:18 am

1 Answer from Attorneys

Don Darnell Darnell & Lulgjuraj, P.C.

Re: Shareholder Banking Rights

You have a right to an accounting. You and your partner can either agreement to an accounting, or you can force the issue with a lawsuit.

Read more
Answered on 8/28/06, 8:18 am


Related Questions & Answers

More Business Law questions and answers in Michigan