I have 40% shareholder ownership in an S Corporation, previously I used to get disbursements when the other 40% shareholder and I communicated well. Since the communication isn't so great anymore (no responses, etc) there has not been any further disbursements and there seems to never be any profit at the end of the year (I think they are somehow marking it as going back into the business). I've made several attempts to communicating better with him and contributing more to the company but he seems to want the 'control'.
I know he pays himself a good salary, which could be a large chunk of it. I've asked for access to see the books but never get a response or just get asked why.
I am wanting to know what my rights are and what I can do?
Asked on 12/26/12, 8:12 am
1 Answer from Attorneys
Joseph A. McDermott, III
Attorney at Law
You have the right under Texas law to examine the books and records. A lawyer can help you make the appropriate demand for examination.
Answered on 12/26/12, 1:33 pm
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