An Overview Of The Corporate Records Shareholders Have A Right To Demand In Florida
Are you the shareholder of a Florida corporation? If so, you have important legal rights under state law. Some of the most essential shareholder rights in Florida are found under Florida Statutes § 607.1602. This section of state law allows shareholders to “inspect and copy” certain types of corporate records. Here, our Miami shareholder dispute lawyers highlight the corporate records that you have a right to demand from a corporation as a shareholder in Florida.
- Minutes of Meetings Between Shareholders and the Board
In Florida, shareholders have the right to access certain minutes of meetings. Specifically, these meetings are ones involving shareholders and the company’s board of directors. Minutes of meetings covered by the statute should be comprehensive.
- Accounting Records Related to Payroll and Vendor Payments
Shareholders in Florida also have the right to access some accounting records. Generally speaking, these accounting records are those that describe the salary/payment information for employees as well as payments made to suppliers and vendors.
- Disclosure of Lawsuits
A lawsuit is a big deal for a business. When companies face a lawsuit, they may need to share that information with their shareholders—even if the corporate leadership is convinced that the specific lawsuit is frivolous. Florida law allows shareholders to obtain and copy disclosures of all lawsuits pending against the corporation as well as some lawsuits that have previously been filed against the company.
- Payments to Officers or Directors
As a shareholder, you also have the to get access to information pertaining to payments made by the company to officers, directors, and board members. This payment information includes bonuses, financial incentives, and any advances paid by the corporation.
- Disclosure of New Shares
When a corporation in Florida issues new shares, it has a material impact on the financial interests of all current shareholders in the company. Under Florida law, a corporation’s shareholders have a legal right to disclosures regarding the issuance of new shares by the firm. This disclosure requirement also allows shareholders to get information about any promises made by corporate officers/directors to issue new shares in the future.
- Copies of Financial Statements
Finally, Florida law allows shareholders to inspect and copy certain types of financial statements and financial records. Indeed, corporations registered in Florida are supposed to provide shareholders with in-depth, accurate financial statements on an annual basis. If you have any concerns about a corporation’s responsibility to provide you with financial statements, an experienced Florida shareholder rights lawyer can help determine the best solution.
Call Our West Palm Beach Shareholder Lawyers for Immediate Help
At Pike & Lustig, LLP, our South Florida shareholder rights attorneys are strong advocates for our clients. If you have any questions about the records you have the right to demand as a shareholder, we are here to get you answers. Give us a call today for your confidential case review. We have law offices in Miami and West Palm Beach, from which we represent shareholders throughout Florida.