Information asymmetry is the foundation of most owner disputes, and information rights are the cheapest control available.
Statutory floor. Inspection rights on a proper purpose, varying by entity type and state, and generally narrower for LLC members than for corporate shareholders unless the agreement provides otherwise.
Contractual rights. An operating or shareholder agreement should specify the package and the timing: annual financial statements within a stated period, prepared to a stated standard; quarterly or monthly management accounts; the annual budget; notice of material events; and tax information in time to file.
Delivery, not inspection. A right to receive is far more useful than a right to demand and inspect, because the latter requires a demand that signals a dispute.
Audit or review. Whether statements are audited, reviewed or compiled, and who selects the accountant.
Access to the accountant directly, which resolves questions without litigation.
Remedies for failure. A stated consequence — an escalation of rights, a right to appoint an inspector at company expense, or interest on distributions — because the ordinary remedy of a lawsuit is disproportionate.
Confidentiality obligations attaching to the information, which is what makes broad rights acceptable to the majority.