2 shareholders. A cousin and I own 50% each.
When I acquired the stocks from my parents a year ago. My cousin was already President of the company. However, I do not see any minutes from a board of directors meeting showing this. Company was in a state of disarray which is why the stocks were handed over to me. They only have 2 corp minutes from the time the company started which is about 8 years ago. Company is being run like a mom and pop store and a recent review of the general ledger suggests commingling and my cousin who is designated as president and also a 50% shareholder and also a director is the only one in the account along with her brother who acts as the General Manager.
What are my rights as 50% shareholder to try to fix the company and setup checks and balances?Thanks Michael for your reply. I am already a director on the company, but yet to have a meeting. I recently started a due diligence checklist and what I am finding is troubling. No reporting to other shareholders, no shareholders or board of directors meetings for the past 8 years. They have been deciding dividends on their own without board of directors meetings. Everything they are doing is against what I have been taught in school. Can I insist or force myself to the bank account without a board of director's decision as 50% shareholder? Is it even adviceable if I suspect commingling is occuring? Thank you.