Is a private company required to provide financial information?

Answer:

In principle, no. As the name implies, private companies are not required to disclose financial information to the public. This is in contrast to public companies which are required to quarterly financial statements available to the public.

General requirements for the disclosure of information for private companies in the U.S.

All U.S. companies, both private and public, are obliged to submit their financial documents with the Secretary of state in the state in which they are included. When a company incorporates, it must submit incorporation papers or certificate of registration, depending on the entity type.

After filing these documents, the company is not required to provide additional information to the public. All companies are required to file quarterly tax returns with the IRS and the annual tax Declaration, which contains all the financial information for the year. However, these documents do not apply to public information and are used for the assessment of tax liabilities of integrated structures in the United States.

General disclosure requirements for private companies EU

Although member States are free to implement their own laws on information disclosure, all member States must adopt the legislation of the European Union (EU) in the form of directives. Public documents that must be submitted to the EU comprise the constituent documents, amendments and information about the authorized representatives of the company in order to deal with third parties.

By analogy with the United States, once the incorporation documents have been submitted, no financial information should not be disclosed to the public.

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