Legal Question in Business Law in Tennessee

s corporation
as a minor owner of an s corporation, what reports are to be sent to me on a regular basis by the accounting firm handeling the corporation's account? Is the accounting firm required to notify the majority shareholder when an inquirey is made by the minority holder? if the accounting firm notifies or asks permission to give this against the law or at least un-ethical?

Asked on 6/18/99, 4:44 pm

Marshall Snyder Law Office Of Marshall Snyder

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Re: s corporation

As a stockholder, you will normally not receive

accounting information from the accounting firm

or any other correspondence of a business nature

from other parties. The officers run the corporation

on a day to day basis and it is they who receive

the correspondence. Remember that a corporation is

like a pyramid. Stockholders, then directors, then

officers, then employees, if any. At the annual

meeting, the stockholders elect the directors for

the next year and the directors decide on the officers

for the next year.

Answered on 8/30/99, 3:01 pm

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