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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2263
Experience:  25 years in practice
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Just wanting to understand the rights and obligations of a

Customer Question

Just wanting to understand the rights and obligations of a minority shareholder (my husband)in an Alberta incorporation private company.
Submitted: 1 year ago.
Category: Canada Law
Customer: replied 1 year ago.
I don't mind doing some reading...specifically I would like to review the accounting input for our corporate yearend...like see the detail as entered item by item in simply accounting...
Thanks.
Expert:  Tom B. replied 1 year ago.
Hi
A shareholder has few obligations. As an owner has rights.
What is happening?
Tom
Customer: replied 1 year ago.
I stopped being involved in the day to day accounting shortly after the June 30, 2013 yearend. I was previously a CMA so am very familiar with accounting and yearends and corporate tax. The 2014 yearend was completed by a new accounting firm and I would like to look through the Simply accounting postings to review a few things. We have a modest shareholders loan to the company, and the majority shareholder has a larger shareholders loan...just want to see the entries into SH for the year...also curious about amounts of salaries being paid to him and his daughter and his son who are both now working in the business. Not intending on arguing any of it, as the majority shareholder is "calling the shots", but just so that my husband and I know the numbers. Not sure the majority shareholder is being very honest and we suspect that he is "buttering his bread" quite healthily. Thanks.
Expert:  Tom B. replied 1 year ago.
Who are the Directors of the company?
Customer: replied 1 year ago.
I believe each shareholder is a director...so there would be 3 (possibly 4). My husband is one of the directors. Equal votes from discussion I recall. Like one vote per director.
We are away for the weekend and so I will be away from email until Sunday evening. Looking forward to hearing back from you.
Expert:  Tom B. replied 1 year ago.
No problem about delay. I have a trial Monday so may not be around either.
A Director must know everything! A Shareholder has a right to eventually know through the Directors.
An interesting question in that you are a shareholder and your husband knows what you want to know...at least at law.
If you are a Director as well, then you should know everything.
Someone has to figure out who is in charge of this company. Who are the directors?
Tom
Customer: replied 1 year ago.
I am checking and will email back when I know...sorry for the delay...
Expert:  Tom B. replied 1 year ago.
I can wait :)
Tom

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