This operating agreement exhibit states the intent of the Parties that each Party shall have the right to take in kind and separately dispose of its proportionate share of gas (including casinghead gas) produced from each formation in each well located on the acreage (the "Contract Area") covered by the Operating Agreement.
California Exhibit E to Operating Agreement Gas Balancing Agreement - Form 3
Category:
State:
Multi-State
Control #:
US-OG-747
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Exhibit E To Operating Agreement Gas Balancing Agreement - Form 3?
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FAQ
No, an LLC operating agreement does not legally have to be notarized. However, having notarization can potentially limit any future arguments about coercion or misunderstandings.
In most cases, a contract does not have to be notarized since the signed contract itself is enforceable and legally binding in state or federal courts.
Although writing an operating agreement is not a mandatory requirement for most states, it is nonetheless considered a crucial document that should be included when setting up a limited liability company. The document, once signed by each member (owner), acts as a binding set of rules for them to adhere to.
Organization / Formation Most LLC Operating Agreements open by recording basic information about your LLC, like its name, purpose, business address, California registered agent information, and the names of all members.
Limited Liability Company (LLC) Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.