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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4545
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I am not on the company bank account but I am a 50% share

Resolved Question:

I am not on the company bank account but I am a 50% share holder and I know I don't have rights to the bank but However, being 50% shareholder, I am legally entitled to receive ALL of the official dividends, profit sharing, etc. But on bank, i will have no control over it even if you have the rights as a 50% shareholder.
So if he cleared the bank or paid debts off but any money left he moved to other account what rights do I have ?
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome again. Thank you for providing an opportunity to assist you.

From what I understand from your situation, such situation typically arises if you have difference of opinions, OR if you are not on good terms with your business partner.

Having said this, you will need to take a legal recourse.If you feel that the directors may payoff debts without your consent, it may amount of breach of trust by those directors of their fiduciery duties.

In capacity of a share holder, you may not have direct rights over the bank account but you can certainly catch hold of the directors in the above mentioned way.

Further to this, I would advice you to consult a local attorney with Articles of your company which usually details the rights and obligations of a director, operating of bank accounts, number of signatories, etc.

This would give some definite clue as to what directions you should take.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards
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