Iowa Exhibit A to Operating Agreement - Contract Area and Parties - Form 3
Description
How to fill out Exhibit A To Operating Agreement - Contract Area And Parties - Form 3?
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FAQ
The JOA is a contract where two or more parties agree to undertake a common task to explore and exploit an area for hydrocarbons. The parties to the agreement can be broadly classified as operators and non-operators. The operator is the one who is responsible for the day-to-day management and operation of the field.
The good news is that you're free to write your operating agreement in any way that you wish. There aren't any legal requirements regarding what you must include in the agreement. Drafting the best operating agreement for your LLC simply means tailoring it to your business's specific needs.
"Drafting an operating agreement for a single-member LLC is easy," says Kaptzan. "However, some single-member owners take the approach of preparing it early with strong rules to put the business in a better negotiating position when bringing in another owner."
The operating agreement will also address what happens in the event of a dissolution and how the assets should be distributed. Another important part of the Operating Agreement is the provision that describes how profit is distributed to the members.
Iowa state law doesn't require you to have a written operating agreement. Iowa statute § 489.110 lists common provisions an operating agreement can include, but the law doesn't state that you must have one. Even so, a customized operating agreement is extremely useful.
10 Must Haves in an LLC Operating Agreement To get you started, here is a Top 10 list underscoring the major provisions that an LLC operating agreement should have. 1) Member Financial Interest. 2) Corporate Governance. 3) Corporate Officer's Power and Compensation. 4) Non-Compete. 5) Books and Records Audit.
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.
