Howdy Partner, Show me Your Books!

Iowa Partnership Books and Records

Access to Books & Records in an Iowa Partnership

Similar to shareholders in a corporation and members in a limited liability company, partners in a partnership are entitled to access the partnership’s books and records.  Iowa partnership law expressly states partners may access books and records: “[a] partnership shall provide partners and their agents and attorneys access to its books and records.”  Iowa Code Section 486A.403.  Access to books and records in a partnership promotes transparency in the organization, instills accountability amongst partners, and provides the opportunity to implement a system of “checks and balances.”  Indeed, a partner who suspects wrongdoing – such as a partner using partnership money for personal purposes and/or gain – may inspect the partnership’s books and records to either confirm or alleviate their suspicion(s).

Notably, the right to inspect a partnership’s books and records survives a partner’s departure from the partnership.  Iowa law provides former partners with the ability to access books and records – even after departing a partnership – so long as the records sought relate to the time period during which the former partner was a partner in the partnership.

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About Matthew McKinney

Attorney focused on civil and commercial litigation.
This entry was posted in Litigation, Partners, Partnership and tagged , , , , , . Bookmark the permalink.

One Response to Howdy Partner, Show me Your Books!

  1. Pingback: 7 Corporate Records an Iowa Corporation Must Keep | Business and Corporate Disputes

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