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 S. 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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