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shareholders rights??????

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William Maurer

Guest
What is the name of your state? PA.

I am a member of a small family held corporation. The majority shareholder owns 51% to our 49% as a result he does what he wants with the business and we have no say in anything that goes on. I know for a fact that he is stealing from the company. We have been shareholders for 9 years and have never seen a financial report or document, we never have meetings. We have never received dividends. What are my rights? What direction should we go?
I have made several offers to purchase the business but they are ignored.
Please reply back......
 


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hexeliebe

Guest
Check with the PA. Corporation Commission or a corporate attorney. Every corporation (regardless of in which state it is located) has very stringent reporting requirements, including the holding of meetings, earnings reports and other financial instruments that must be filed by the corporation.

As an owner of the corporation you have the right to these documents and, if your thoughts are found to be true, can remove your majority shareowner for Fiscal Malfeasence.

Again, check with the above and speak with a corporate attorney in your area as to the steps you are required to take.

P.S. Most states' Secretary of State office is online and there are provisions for a search for the documents I spoke of above.
 

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