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Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24870
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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Do I have a right to request records, banking,etc if I own

Resolved Question:

Do I have a right to request records, banking,etc if I own 10% ownership in a local company. And if so what statues allow me this.
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Pro replied 6 years ago.
What is the form of this company - corporation, partnership, or what?

Do you work with or for the company or is this just an investment situation for you?
Customer: replied 6 years ago.
The company is a limited liability corporation. I work with the company and have a joint venture agreement with a 10% interest
Expert:  Law Pro replied 6 years ago.
So you don't actually own an interest in the LLC - correct? As such, you don't have the right to demand any financial information unless that you need to review such to establish a relationship with them - then it would be for them to determine whether or not they wanted to provide such to you for forget about the relationship with you.

You have no right to demand any information from them unless your a part owner thereof. A joint venture agreement doesn't give you an ownership interest of the LLC.

Sorry.







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Customer: replied 6 years ago.

The joint venture agreement specifically states that I have a 10% interest. Maybe to

get a somewhat proper answer I can email you the Joint venture agreement if you were to provide an email address to me via my email [email protected] .

Expert:  Law Pro replied 6 years ago.
If the joint venture agreement gives you a 10% interest in the company - then you have the right to demand inspection of the company books - any and all records of anything. The company has to open their books for your inspection, review, and even copying.


We are not allowed to communicate outside this venue. However, you can email it [email protected] and the moderator on duty will be happy to forward it to me for review.



The statutes allowing you to inspect the LLC's books is pursuant to the Forida Limited Liability statutes.


Here is a link to such:

http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=Ch0608/titl0608.htm&StatuteYear=2009&Title=-%3E2009-%3EChapter%20608

Specifically the following:

608.4101 Records to be kept; right to information.--

(1) Each limited liability company shall keep at its principal office the following records:

(a) A current list of the full names and last known business, residence, or mailing addresses of all members, managers, and managing members.

(b) A copy of the articles of organization, all certificates of conversion, and any other documents filed with the Department of State concerning the limited liability company, together with executed copies of any powers of attorney pursuant to which any articles of organization or certificates were executed.

(c) Copies of the limited liability company's federal, state, and local income tax returns and reports, if any, for the 3 most recent years.

(d) Copies of any then-effective operating agreement and any financial statements of the limited liability company for the 3 most recent years.

(e) Unless contained in the articles of organization or the operating agreement, a writing setting out:

1. The amount of cash and a description and statement of the agreed value of any other property or services contributed by each member and which each member has agreed to contribute.

2. The times at which or events on the happening of which any additional contributions agreed to be made by each member are to be made.

 

 

 

 

 

 

 

 

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