This operating agreement exhibit provides that each party has the right to take in kind its share of gas produced from the Contract Area and market or otherwise dispose of its gas. In the event any party is not, at any time, taking or marketing its share of gas, or has contracted to sell its share of gas produced from the Contract Area to a purchaser which does not, at any time, take the full share of gas attributable to the interest of the party, then the terms of this agreement shall automatically become operative.
North Carolina Exhibit E to Operating Agreement Gas Balancing Agreement - Form 2
Category:
State:
Multi-State
Control #:
US-OG-746
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Exhibit E To Operating Agreement Gas Balancing Agreement - Form 2?
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FAQ
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.
North Carolina does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
No, South Carolina law doesn't require you to file your operating agreement with the state. The operating agreement is an internal document you should keep on file at your business location.
Joint operating agreements are contractual agreements between one party identified as the operator and at least one other party known as a non-operator which requires the operator to drill the initial obligatory well, and the non-operator to pay its proportionate share of the operating expenses.
These documents are ?internal? because they are not filed with the state; therefore, unlike the charter documents, these documents are not publicly accessible (unless the company makes them public). For LLCs that document is your operating agreement.
Florida doesn't require limited liability companies (LLCs) formed in the state to have an operating agreement, but if you're forming your LLC in the Sunshine State, it's still a good idea to have one even if it's not legally required.