Corporate Law S Corp Shareholder Rights

[KMorgen]

My jurisdiction is: Texas

I'm a 10% owner of a small (2-person) S Corp. During the time that I've held stock, the corp has declared a profit each year. There have been no dividends paid, although I receive a K-1 to pay my share of the taxes each year.

My salary has just been cut by 20%, although I believe the Corp is still paying for the other owner's Porsche, company boat, etc.

My question is, do I have a right to request (or should I be getting) copies of the monthly financial statements?

 

[FlaRiptide]

It is not the norm to share interim (monthly) financials. Yet, it is your right to inspect the corporate books and records.

Technically the Prosche belongs to the corporation if paid for with corporate funds and depreciation by the corporation.

Your concern should be, "are these business assets being utililized properly by the corporation to fulfill the corporate goals?"

 

[FlaRiptide]

Are you not on good terms with the other 90% owner? Are you not able to discuss with him or her? Have annual audits been performed? If not, perhaps now is the time.