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Ask MShore Your Own Question
MShore, Attorney
Category: Legal
Satisfied Customers: 25285
Experience:  Negotiate, Draft, and Review many complex commercial agreements each year.
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If you are a 20 % partner in a limited parnership is it proper

Customer Question

If you are a 20 % partner in a limited parnership is it proper for you not to ever see the financial statements and/or tax returns of the company?
Submitted: 8 years ago.
Category: Legal
Expert:  MShore replied 8 years ago.
no, in fact as a party having a 20% ownership interest you should be permitted free and open access to the books.
MShore and 2 other Legal Specialists are ready to help you
Customer: replied 8 years ago.
It has been 3 years since the inception of this business.....I have not see anything in reference to filings with the government. My 51% partner (controlling partner) has supplied all the monies for this business (3 million) , but will not share any of the financials with any of the partners....I would think that we are liable for the proper handling/filiing of these federal forms???????
Expert:  MShore replied 8 years ago.
you would be correct. in the LLC Articles there should be a clause stipulating that all member shall have access to the books.