Legal Question in Business Law in Illinois

Corporate Sharholder

I am a 50% Shareholder in a relatively small C-Corporation in Illinois. My partner (other 50% shareholder) holds all the book and records. How do I make an official request to get a copy of all financial records and documents that involve me and the corporation?


Asked on 9/08/07, 9:20 am

2 Answers from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: Corporate Sharholder

It should be in you corporate articles. If not send a certified letter to the treasurer.

email or call me if you have any questions.

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Answered on 9/09/07, 2:17 pm
David K. Staub Staub Anderson LLC

Re: Corporate Sharholder

Section 7.75(b) of the Illinois Business Corporation Act provides:

"Any person who is a shareholder of record shall have the right to examine, in person or by agent, at any reasonable time or times, the corporation's books and records of account, minutes, voting trust agreements filed with the corporation and record of shareholders, and to make extracts therefrom, but only for a proper purpose. In order to exercise this right, a shareholder must make written demand upon the corporation, stating with particularity the records sought to be examined and the purpose therefor."

You can download a full copy of the act from http://www.illinoisbusinessattorney.com/Resources/IllinoisBusinessCorporationAct.pdf

David K. Staub, Illinois business attorney

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Answered on 9/09/07, 3:21 pm


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