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A joint operating agreement is a legal document that outlines the relationship between two or more businesses who jointly operate a business. When one company partners with another, they are typically signing this type of contract to ensure their business interests are protected.
Yes. Members of a Montana LLC can be individuals OR another business entity. It's entirely up to you.
To start a Montana LLC, you must appoint a Montana registered agent service. The agent receives service of process (notice of a lawsuit), as well as other important business mail and legal notices, on behalf of the Montana LLC. All documents are received, signed for, and immediately forwarded to the client.
Montana does not require an LLC to create an operating agreement. Although Montana doesn't have this requirement, having a readily accessible, written operating agreement is helpful for a variety of reasons including settling disputes that may arise over financial agreements and other potential litigation.
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.
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.
Montana does not require you to have an operating agreement when you form an LLC; however, even as the sole owner of the company, it's in your best interest to file an operating agreement when you create your LLC.
The JOA serves several purposes, including identifying the property interests of the parties in the mineral lease, designating the party that is to act as operator, and setting forth the method for sharing expenses and for the allocation of liability for the oil and gas exploration and production operations.