L
llcmember
Guest
What is the name of your state? Louisiana
Hello,
I am a 36% owner ("member") of a Louisiana LLC. There are 2 other members: a 51% investor and 13% individual. Our Art. of Organization require 2/3 vote for any major events (dissolution, sale of assets, dilution of membership units, etc). It also requires that I have an automatic appointment to the Board of Managers.
With a new CEO in the company there is a pattern of non-disclosure developing... ie, financials not being produced, manager's meetings being delayed, instructing employees to get CEO permission prior to speaking with me, etc..
My question is: What are standard rights for members with significant ownership in such a closely help private firm?
Can someone also address the following specifically... yes or no answer is ok.
As a 36% owner, can I:
1- Unnanounced, go to the office and, with unfettered access, review:
a- Bank statements, including deposits and checks,
b- Contracts, orders, invoices, etc,
c- All financial records, direct from the accountants,
d- Charts of accounts, expense statements, petty cash registers, etc,
e- Customer related documents, proposals
2- Without prior approval, discuss related business with any employee or contractor
3- Without prior approval, discuss related business with any customer, prospective customer, vendor, partner or affiliate
4- Without prior approval, contact attorneys, accountants and other professional service providers
5- Demand login access and passwords to company servers, web sites (online access to view bank statements), etc.
TIA,
llcmember
Hello,
I am a 36% owner ("member") of a Louisiana LLC. There are 2 other members: a 51% investor and 13% individual. Our Art. of Organization require 2/3 vote for any major events (dissolution, sale of assets, dilution of membership units, etc). It also requires that I have an automatic appointment to the Board of Managers.
With a new CEO in the company there is a pattern of non-disclosure developing... ie, financials not being produced, manager's meetings being delayed, instructing employees to get CEO permission prior to speaking with me, etc..
My question is: What are standard rights for members with significant ownership in such a closely help private firm?
Can someone also address the following specifically... yes or no answer is ok.
As a 36% owner, can I:
1- Unnanounced, go to the office and, with unfettered access, review:
a- Bank statements, including deposits and checks,
b- Contracts, orders, invoices, etc,
c- All financial records, direct from the accountants,
d- Charts of accounts, expense statements, petty cash registers, etc,
e- Customer related documents, proposals
2- Without prior approval, discuss related business with any employee or contractor
3- Without prior approval, discuss related business with any customer, prospective customer, vendor, partner or affiliate
4- Without prior approval, contact attorneys, accountants and other professional service providers
5- Demand login access and passwords to company servers, web sites (online access to view bank statements), etc.
TIA,
llcmember