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?
1 Answer from Attorneys
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.
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