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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 39027
Experience:  Retired (mostly)
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I am a minority shareholder in a sub - S corporation. I own

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I am a minority shareholder in a sub - S corporation. I own 25% with the majority owner at 51%. There are a total of 5 shareholders and our annual revenue is $9mm.

I would like to know what my rights are as a minority shareholder. Do I have the right to access the books, payroll, bank accounts, tax returns, etc., and do the minority shareholders together have a course of action against the majority shareholder should we not get satisfactory access?

Our company is incorporated in Alabama.

Thank you.
Submitted: 6 years ago.
Category: Business Law
Expert:  socrateaser replied 6 years ago.
Under AL Code 10-16-2B.02, a shareholder has a right to inspect and copy accounting records of a private corporation during regular business hours with at least 5 business days written notice. North Carolina law is practically identical in substance. NCGS 55-16.02

Hope this helps.
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