Legal Question in Business Law in Delaware

Is it legal for a business partner to with hold the businesses financial information and tax filing from another partner? And how can the out of the loop partner go about finding out this information?


Asked on 4/15/12, 9:00 am

1 Answer from Attorneys
Roman Fichman Esq. Law Practice of Roman Fichman Esq.

Generally "partners" have the right to an accounting. You did not, however, note whether this is a partnership, whether you are a member of a LLC or whether you are a shareholder of a corporation. Each one of these entities has different rules and standards. In addition, the right to an accounting could be governed by the bylaws/operating agreement/partnership agreement you may have.

Therefore, you need to see an attorney to assess your rights in the matter. Feel free to contact my office at your earliest convenience if you have any additional questions.

Roman R. Fichman, Esq.

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Answered on 4/15/12, 9:28 am


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