Corporate Law Should one have access to all business documents as 50% owner in a LTD business?

[Nibs]

My jurisdiction is: Ohio, USA

My jurisdiction is: OH, USA

My husband is 50% owner of a LTD business, founded in 2007. His share of the business loss (I think he's the limited partner) was $15K in 2007 and $48K in 2008. Our personal accountant is asking for the Articles of Incorporation, the Partnership Agreement and the complete tax return in order to amend our taxes for the last two years and take advantage of his business loss. We owe taxes for 2008 and these amended returns will probably cover our debt. We are incurring IRS penalties and interest at roughly $2,000 per month. Unfortunately, my husband's partner says we only need what the business accountant provided; the Schedule K-1, Form 1065, Partner's Share of Income, Deductions, Credits, etc. and will not provide anything further. My husband will not push this and believes what his partner is saying. Our accountant says they must have answers to many questions about my husband's involvement in the business in order to accurately file the amended tax return. The partner suggests we get a new accountant. Isn't my husband entitled to the information? It feels like someone's hiding something.

 

[dee_dub]

What the shareholder is entitled to depends on the company's bylaws and articles and the local Ohio business corporations laws. I don't know what Ohio's laws are, but many jurisdictions do NOT give shareholders the right to request those documents. The articles of incorporation are often required to be made available to the public by a company at its registered office, as may the partnership agreement, so he might simply get a copy of those by going to the registered office the same way anybody off the street could get them.

I agree, it does sound like someone is hiding something. Is your husband getting full audited company statements?