How can I get my business partner to let me see the bank statements?
Question Details: I'm in business with my sister. No contracts or agreements were signed - just a verbal 50/50 ownership of business where she would be the administrator. She never put me on the signature card for the bank I do have the paperwork stating 50/50 ownership in LLC. And our accountant does the books that way. Ive let her run the business but now would like to get into the bank account and she refuses. Is there anything I can do/say? Should I get a lawyer?
As a 50-50 owner, you have an equal right to her to see the bank statements. And an owner (e.g. her) has a "fiduciary duty," or duty of loyalty and honesty, to her co-owners, so she must show loyalty to you and be honest about the bank account. So there are grounds to make her show you the statements. But doing so will require a lawsuit, since only a court can issue an order compelling this. Such a suit is more legally and procedurally complicated than, say, a small claims suit, so you are strongly advised to retain an attorney to help you.