This operating agreement is used when the parties to the Agreement are owners of oil and gas leases and/or oil and gas interests in the land identified in Exhibit A to the agreement, and have reached an agreement to explore and develop these leases and/or oil and gas interests for the production of oil and gas to the extent and as provided for in this Agreement.
Idaho Joint Operating Agreement 82 Revised
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US-OG-757
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FAQ
This document is similar to the bylaws of a corporation and is the set of default rules and procedures that govern how your company will operate.
Section 17704.07(b) of RULLCA imposes a unanimous member vote to approve an act outside of the ordinary course of activities of the LLC and to amend the operating agreement of the LLC, and it provides that each member has equal rights in the management and conduct of the business of the LLC, including equal voting ...
Delaware does NOT require an operating agreement. However, it is highly recommended to have a LLC operating agreement even if you are only a single member LLC. The state of Delaware recognizes operating agreements and governing documents.
An operating agreement is a key business document that shows your business operates like a legit company. Without the operating agreement, your state might not acknowledge you as an LLC, which means someone could sue you without there being any shield to protect your personal assets.
Oregon does not require LLCs to have operating agreements, but it is highly advisable to have one. An operating agreement will help protect your limited liability status, prevent financial and managerial misunderstandings, and ensure that you decide on the rules governing your business instead of state law by default.
While most states don't require LLCs to have operating agreements, it's always a good idea to create one to ensure your business is well administered and protected from risk.
Vehicle On Left To Yield Right-Of-Way: When two (2) vehicles enter or approach an unmarked or uncontrolled intersection from different streets at approximately the same time, the driver of the vehicle on the left shall yield the right-of-way to the vehicle on the right, except that when two (2) vehicles approach an ...
While a written operating agreement isn't required (per Idaho Statute § 30-25-102), your operating agreement is an essential document for many important aspects of your business, from opening a bank account to handling major events (like fighting lawsuits).