It was recommended that we form an LLC and LP. Does anyone have any comments about this? Suggestions? Thank you in advance for any replies.

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As a good friend told me they are all good problems to have.

I sent up an LLC (Ohio) Right now the surface property was placed in the LLC.

When an O&G lease is signed and monies are received the lease, royalties etc and anything below the surface will stay in the LLC. The surface area (house etc) will be placed back into my name.

Everything above ground will be in my name and everything below ground will remain in the LLC.

If I decide to sell my house later or any parts of my property the LLC will still retain the O&G interests.

The LLC also protects the landowner from many other issues should something go wrong with the driller etc.

I did the LLC myself. Took 2 minutes to fill out the State of Ohio form and then I had an Attorney set up the wording on the LLC. Real easy process.

Thanks for taking time to answer, Bill. Lots to consider!

I spent a lot of time on this issue, and my choice of entity turned out to be a unlimited liability limited partnership (LLLP). The LLLP is not recognized in every state but it happens to be an entity recognized in Ohio. If one has not already changed title to their property, I would strongly suggest that you do research on the LLLP.

Thank you, Al. Your suggestion is intriguing. Our property is in Pennaylvania so I'll have to see if it would work there. Thanks again.

Of interest- http://fuelfix.com/blog/2009/06/16/how-shale-gas-changed-one-family...

  A liquefied natural gas facility in southern Maryland is generating intense criticism from environmental groups  http://www.foxnews.com/politics/2014/04/23/next-keystone-natural-ga...

 

Another good one from CFACT: America's highest ranked climate charlatans: Obama and Kerry. http://www.cfact.org/2014/05/27/americas-highest-ranked-climate-cha...  and  Great article on the TRUTH about the Antarcric ice. Is it as bad as we're told? http://www.cfact.org/2014/05/19/antarctic-melting-reports-omit-key-...

Hey Larry...

Did you read the topic?

I believe it supposed to be about LLC's

Climate-friendly members of U.S. Chamber of Commerce don’t want to be associated with its

anti-climate report 

 http://thinkprogress.org/climate/2014/06/03/3444143/member-companie...

 Liquefied Natural Gas (LNG) is likely a climate-destroying misallocation of resources

http://thinkprogress.org/climate/2014/06/04/3443211/energy-departme...

 

What do your comments have to do with LLC's?

The topic is LLC's.

Thanks

The articles keeps repeating...it no worse or better then coal. But. Leakage can be contained and systems made better. Coal will never change. Seems logical to choose the energy source which has the potential to be cleaner.

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