In the interest of the public welfare and to promote conversation and increase the ultimate recovery of oil, gas, and associated minerals from the Unit and to protect the rights of the owners of interest in the lands included in the Unit, it is deemed necessary and desirable to enter into this Agreement, in conformity with (Applicable Statutory reference), to unitize the Oil and Gas Rights in and to the Unitized Formation in order to conduct a secondary recovery, pressure maintenance, or other recovery program as provided for in this Agreement.
Virginia Unit Agreement
State:
Multi-State
Control #:
US-OG-775
Format:
Word;
Rich Text
Instant download
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FAQ
An operating agreement may contain any provisions regarding the affairs of a limited liability company and the conduct of its business to the extent that such provisions are not inconsistent with the laws of the Commonwealth or the articles of organization.
No, your Operating Agreement doesn't need to be notarized. Each Member just needs to sign it. Once you (and the other LLC Members, if applicable) sign the Operating Agreement, then it becomes a legal document.
Sometimes individuals or even businesses agree to enter into a contract orally. These agreements are generally enforceable in Virginia as long as they contain the basic terms of a contract: offer, acceptance, and consideration.
In Virginia, as in most states, contracts can also come in many different forms. For example, you can have a valid and enforceable oral contract or written contract.
An operating agreement is a document that outlines the ownership and operating procedures of a LLC (limited liability corporation). LLCs in Virginia aren't required to have operating agreements, but at the SBDC, we think it's a good idea to have one.
Negotiate and execute an operating agreement. Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
Your Virginia LLC operating agreement is a legal document that establishes rules for how your LLC will handle procedures like voting, allocating profits and losses, management, and even?should it ever come to this?dissolution.
The LLC operating agreement should state if and when member meetings will be held and include any rules regarding how, when, and where votes will be taken; who has voting rights; how many voting members must be present for a quorum; how many votes are required to approve an action; and whether members can vote by proxy ...