It is the time of year that books start getting finalized. Financial records are compiled, accountants are looped in for final tax planning, and hopefully, profit distributions are being calculated.
In such situations, you may believe the distributions are inaccurate. Or, maybe you just want to be a responsible business owner and analyze the financial records on your own.
Minnesota law protects members in this regard. The limited liability company is statutorily mandated to both retain certain financial records and make them available to the members for inspection. Your first step is to make a demand, or request as you may deem it, for the records at a certain date and time in the future. You should include a caveat that an alternative time and place that is mutually agreeable would be acceptable.
The hope of course is that your request is approved, you view the financials, and all is good. Howerver, if that is not the case, my litigation and member dispute experiences could serve you well to get you what you are entitled to receive.
