Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

I am a member of a LLC and the operating agreement says "Any…

I am a member of...
I am a member of a LLC and the operating agreement says "Any member may inspect any and all records maintained by the LLC". The company lawyer says "Section 1102 of the New York Limited Liability Company law defines those “books and records” that a member may review." and is refusing other records. I am asking for the Quickbooks accounting file. Doesn't the operating agreement take precedence? Am I allowed to inspect the accounting records?
Show More
Show Less
Ask Your Own Business Law Question
Answered in 1 hour by:
4/11/2017
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,812
Experience: 30 years of corporate, litigation and international law
Verified

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

I have quoted the relevant language from the statute below.

"Any member may, subject to reasonable standards as may be set forth in, or pursuant to, the operating agreement, inspect and copy at his or her own expense, for any purpose reasonably related to the member's interest as a member, the records referred to in subdivision (a) of this section, any financial statements maintained by the limited liability company for the three most recent fiscal years and other information regarding the affairs of the limited liability company as is just and reasonable."

Unless they can justify their refusal on the basis that it is unjust and unreasonable, they cannot prevent you from inspcecting what is allowed in the operating agreement. The statute says "other information regarding the affairs of the limited liability company" and what you requested would fall under other information.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus

Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,812
Experience: 30 years of corporate, litigation and international law
Verified
Richard - Bizlaw and 87 other Business Law Specialists are ready to help you
Ask your own question now

Thank you for positively rating my answer. I am glad I could be of help. If you have questions in the future please ask for me Richard - Bizlaw.

Ask Your Own Business Law Question
Customer reply replied 1 year ago
Thank you - I have a few follow-on questions:
1. They are asking for a reason. Do I need to supply one? They owe me money and claim they have none. I am trying to verify.
2. Does the operating agreement take precedence when it says "all records"?

You can give them a reason as that is a reasonable reason for seeing the records. The operating agreement takes precedence.

Ask Your Own Business Law Question
Was this answer helpful?
Ask Richard - Bizlaw Your Own Question
Richard - Bizlaw
Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10,812
10,812 Satisfied Customers
Experience: 30 years of corporate, litigation and international law

Richard - Bizlaw is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I have been requested to submit operations agreement or
hi, yes. i have been requested to submit operations agreement or something similar which authorizes me to sign a lease on behalf of my company. i have two documents that i would like to have reviewed … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,432 satisfied customers
Im currently leaving the company that I work for and the LLC
hi there! Im currently leaving the company that I work for and my name is ***** ***** LLC paperwork, but we do not have signed operating agreement. That being said, my business partner has spent over … read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
As a unsigned member of the LLC, I conveyed title to a
As a unsigned member of the LLC, I conveyed title to a parcel of real estate I owned to the LLC, does that make me a legal member of the LLC. even tho I never signed any document declaring me a member… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,210 satisfied customers
I have a business question for my LLC I own an LLC in Oregon
I have a business question for my LLC I own an LLC in Oregon but are looking to acquire a franchise in Florida under the same LLC … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I am amending a LLC Operating Agreement and removing a
I am amending a LLC Operating Agreement and removing a deceased member. We want to provide a small sum of money to the widow for the deceased members shares. What legal form is required to legally com… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have parent llc in WY and I used it to create a child llc
Hi, I have parent llc in WY and I used it to create a child llc in NY. I was told that in order for my WY, llc to do business through my NY, llc I need to fill out an application for a llc certificate… read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,504 satisfied customers
My husband and I are partners with another couple in a LLC
My husband and I are partners with another couple in a LLC in Texas. My husband and I want out. Is it possible to walk? We started a All-Star Cheerleading gym together and the other male has had a aff… read more
Lori
Lori
Juris Doctor
1,324 satisfied customers
I am a member of a two member LLC. The LLC has co-signed on
I am a member of a two member LLC. The LLC has co-signed on some debt with the other member and a seperate business. So, to keep it simple, the other member of my LLC is a man named Heath. Heath's bus… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
732 satisfied customers
Do Operating Agreements or By Laws have any meaning outside
Do Operating Agreements or By Laws have any meaning outside an LLC or other corporate structure? Our principle founder has moved from including all of the founders under one LLC to us all simply being… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,107 satisfied customers
Do yall draw up LLC operating agreements?. The articles of
hello JA: Hello. How can I help? Customer: do yall draw up LLC operating agreements? JA: Can you tell me what state the LLC is registered in? Customer: Virginia JA: Has anything been officially filed?… read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,504 satisfied customers
I assigned my patent to an investor. the operating agreement
I assigned my patent to an investor. the operating agreement gave me controlling rights etc however they have now reassigned the patent to another company.… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,432 satisfied customers
We are creating an operating agreement (OA) for how our
Hi there, We are creating an operating agreement (OA) for how our Florida-based LLC should be run. Is there anything in law that says a lawyer must write this or can we (non-lawyers) as owners write i… read more
Richard - Bizlaw
Richard - Bizlaw
Attorney
10,812 satisfied customers
FOR LORI ONLY - This is our operating agreement in full,
FOR LORI ONLY - This is our operating agreement in full, just not with signatures. Didn't have access to scanner today to scan with signatures.… read more
Lori
Lori
Juris Doctor
1,324 satisfied customers
In an operating agreement i need to restricted the manager
In an operating agreement i need to restricted the manager how do i word that professionally… read more
Ely
Ely
Attorney
Juris Doctor
577 satisfied customers
What is the best price for making a LLC Operating Agreement?
What is the best price for making a LLC Operating Agreement? I can give a generic template and then I can tell you few things I want added to meet our needs or you can use your template. Let me know. … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I want to create an operating agreement for an existing LLC
I want to create an operating agreement for an existing LLC in Ketchikan, Alaska. This LLC is principally involved in cultivating cannabis and manufacturing cannabis products. This LLC is a legal and … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,107 satisfied customers
Is an LLC operating agreement between 4 members valid if
Is an LLC operating agreement between 4 members valid if only 3 members signed it ? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,210 satisfied customers
I am covered under an LLC operating agreement with a
I am covered under an LLC operating agreement with a noncompete clause. I have been told in an email (by the managing partner) that I am no longer a member due to a freeze-out merger but I have not se… read more
Ely
Ely
Attorney
Juris Doctor
577 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x