Managing Your Business Records
When you own a business, there are certain responsibilities and rights that you have as a matter of law when it comes to maintaining and accessing records of the business. These rights vary based on the type of business that you own.
Types of Business Records
Generally, a business must maintain certain records concerning the operations of the business, including the articles of organization, bylaws, minutes from meetings, and financial statements. These records must be made available to someone that has an interest in the business as a shareholder or a member once proper written demand is made for inspection.
Moreover, access to more detailed financial records must be provided to a shareholder or member of a business if the individual properly requests to inspect these records. The process is set forth in law and must be followed to obtain access to records.
If Access to Business Records is Denied
If access to these records is denied after proper demand is made, an expedited legal process through a Superior Court can be filed to enforce the right to inspect and obtain these records and the business can be required to pay the attorney’s fees for the individual that has to bring this claim.
Knowing your Responsibility of Business Records
Operating a business with multiple shareholders and members can be challenging and it is important to know what your duties and rights are as the manager charged with maintaining financial records and as a minority shareholder or member of a business when it comes to accessing records.
Lawsuits against businesses and those that are charged with managing a business can result in claims for breach of fiduciary duty and additional claims for failing to properly maintain records. Our firm handles these suits on an ongoing basis and assists individuals that desire to inspect and obtain copies of the records of a business that they do not manage. If you want to schedule a consultation with our firm to discuss these types of matters further, please don’t hesitate to reach out.
Call or contact the law office of Smith, Welch, Webb and White for experienced attorneys that can serve your legal needs. We have six convenient locations in McDonough, Stockbridge, Peachtree City, Jackson, Barnesville, and Griffin. We serve clients all over the state as one of Georgia’s most respected law firms.
Any representations regarding the law in this Blog is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
R. Brian Strickland serves as Manager of Smith, Welch, Webb & White. His legal experience includes handling complex business and real estate litigation, legal matters concerning governmental entities including authorities, municipalities and counties, and family and probate litigation matters. Mr. Strickland has represented clients in courtrooms around Metro Atlanta, including conducting jury trials and arguing before the Georgia Court of Appeals.