Anyone forming LLC's? LP's?

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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Permalink Reply by rmc on May 23, 2014 at 7:41am
As a good friend told me they are all good problems to have.
Permalink Reply by Bill Simpson on May 19, 2014 at 2:45am

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.

Permalink Reply by P Bendert on May 25, 2014 at 2:21pm
Thanks for taking time to answer, Bill. Lots to consider!
Permalink Reply by Al Cramblett on May 25, 2014 at 6:12am

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.

Permalink Reply by P Bendert on May 25, 2014 at 2:19pm
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.
Permalink Reply by Larry Wagenman on May 30, 2014 at 7:21am

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...

 

Permalink Reply by Larry Wagenman on June 5, 2014 at 9:38am

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-...

Permalink Reply by Larry Wagenman on June 20, 2014 at 10:17am
Permalink Reply by Bill Simpson on June 20, 2014 at 11:33am

Hey Larry...

Did you read the topic?

I believe it supposed to be about LLC's

Permalink Reply by Larry Wagenman on June 7, 2014 at 7:29am

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...

 

Permalink Reply by Bill Simpson on June 7, 2014 at 8:45am

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

The topic is LLC's.

Thanks

Permalink Reply by jason irvine on June 8, 2014 at 9:15am
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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