I am wondering about Profit and Loss, how is this done and what is it. My husband and his brother own a tool and die business in Michigan and it is an L.L.C. Limited Liability Corporation. I am trying to determine what I can be told about this business, we need a profit and loss sheet from jan 2002-july 2002 and he is telling me that I can't see it. Is it illegal for him to show me this? And if I can't see what his employees are making ,can't he just white out there names and put employee pay there? He has three employees, so I wouldn't know who makes what. What is the big deal? I didn't know ,that if we needed this information for a loan, that I wouldn't be allowed to see it, but every accountant,loan officer or bank official can. Help

If the corporation is publicly traded, they are obligated to make their earnings known to the public for free. If they're not, they need only make earnings known to stockholders. It could be a matter of company policy to be descreet, and there's nothing illegal about that.

If I were you, I would be more worried about my relationship with my husband. Since I'm in the military and have "secret" level security clearance, my wife and I have already had a similar discussion. I've told her that I wouldn't feel comfortable working in a position where I had to keep secrets from her, so when it's time for me to look for orders to a new duty station, I look for positions with little or no need for being descreet. After all, she's my partner in everything else, I want to be able to discuss anything with her.

It seems to me that if your husband feels the need to be descreet, there are ways of telling you without just saying "none of your business". He can find a way to tell you to set your mind at ease and not make you more suspicious.

One way of getting the information you want is by considering how you file your taxes. If you file a joint return, all you have to do is call the IRS and ask for a copy of the return with all the scheduals. If the corporate return were filed seperately, you won't get it unless you ask for it by the company's name. But if he (or the two of you) are the sole stock owners, you might have better luck. The number to call in Ogden, UT, is 1-800-829-1040. If you're not in their area, they'll direct you to the right tax center. As long as your signature is on the return, you have the right to see at least the personal income tax portion.