My question involves business law in the state of: California.
I have recently been given a small portion of a company I have worked for the past decade or so. I am currently also the vice president, a board member and perform the function of secretary in board meetings. It is currently just myself and the president, which is the majority owner, who own the company. Anyways, when I am presented with financial statements they are very light on details. Basically showing quarterly summaries, but there is very little detail regarding our expenditures and general movement of money in/out of bank accounts. I asked if I could see more detailed information, mainly because I suspect there is some "funny stuff" that is being hidden from me.
What rights do I have as the Vice President, a board member, and secretary to see detailed finances of the company? If I have a fiduciary duty to the company I feel like I need to have access to the companies books.
Thank you,
I have recently been given a small portion of a company I have worked for the past decade or so. I am currently also the vice president, a board member and perform the function of secretary in board meetings. It is currently just myself and the president, which is the majority owner, who own the company. Anyways, when I am presented with financial statements they are very light on details. Basically showing quarterly summaries, but there is very little detail regarding our expenditures and general movement of money in/out of bank accounts. I asked if I could see more detailed information, mainly because I suspect there is some "funny stuff" that is being hidden from me.
What rights do I have as the Vice President, a board member, and secretary to see detailed finances of the company? If I have a fiduciary duty to the company I feel like I need to have access to the companies books.
Thank you,
Business Finance: Officer's and Shareholder's Rights to Financial Statements
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