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.
Ohio Joint Operating Agreement 82 Revised
Category:
State:
Multi-State
Control #:
US-OG-757
Format:
Word;
Rich Text
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FAQ
Do you need an operating agreement in Ohio? No, it's not legally required in Ohio under § 176.081. Single-member LLCs need an operating agreement to preserve their corporate veil and to prove ownership. And multi-member LLCs need one to help provide operating guidance, determine voting rights and contributions.
Under the Revised LLC Act, the default fiduciary duties for members (in a member-managed LLC) are the duty of loyalty and care, as well as the duty of good faith and fair dealing. Similarly, by default, managers also have these same duties.
Duties of a fiduciary of an estate plan typically include the following: Identify and provide notice to the beneficiaries and creditors of the estate. Identify and locate the deceased person's assets. Pay taxes and debts of the deceased person and the estate assets.
Do you need an operating agreement in Ohio? No, it's not legally required in Ohio under § 176.081. Single-member LLCs need an operating agreement to preserve their corporate veil and to prove ownership. And multi-member LLCs need one to help provide operating guidance, determine voting rights and contributions.
Popular options are Wyoming and Delaware. However, we personally recommend Ohio because it's more affordable (there's no Annual Report) and the paperwork is very simple. We don't think the ?reputation? of Delaware is that important, or worth the extra cost. Wyoming LLC Non-Resident costs: State fee is $100.
In some cases, LLC members may decide to participate in the management of their LLC. Those LLC members who operate the business owe the fiduciary duties of loyalty and reasonable care to the non-managing LLC owners.