I am taking over as the Managing General Partner for my family's partnership. The estate documents have been updated and filed. I am sending letters to the oil companies with a copy of the Partnership amendment currently making royalty payments. The question is: Do I need to file something at the county courthouse and if so what would it be?
Good for you, I admire you for taking your responsibilities seriously. I am not a lawyer. I am a general partner in
another family partnership.
My findings are that you now have to have both the federal EIN and you must file with the State, and
the Limestone County Clerk.
My thought is this is good news. You are now all protected at the federal, state and county level, would be hard
for any company to say they did not know of you or your heirs.
Last thing, if you live outside of Texas, you have to pay a lawyer a small fee to be your R.A. Strongly suggest you look outside the county for that lawyer. Good luck!
I don't know about Oklahoma, but in Texas generally not, as this is something that needs to be recorded in the internal records of the partnership. However, if for some reason there was previously recorded in the deed records something like a partnership resolution appointing the prior manager as having authority to act, you might need to record something new on the deed records showing this has changed.
Generally partnership agreements are not recorded in the deed records. It used to be pretty common to record trust agreements in the deed records to show who had authority and what their authority was. Plus, trust property is technically owned by the trustee, not the trust itself. This is much less common now.
You might need to do a partnership resolution or whatever other internal document that the operator requires to show you were elected as the new manager, and send that with your notice to the operators. Your partnership amendment, if it is signed by all the partners, will probably suffice.
When the mineral rights were moved into the partnership back in 1995, I filed a mineral deed in each Oklahoma county listing each property. The partnership is based in Arizona, so it does not have to be filed in Oklahoma. Sounds like my providing a copy of the partnership amendment and restatement filed with the AZ Secretary of State will be enough. Thank you for the response.
Trusts are bad. No way to enforce with dishonest trustee. I do not get it. Unless
you have a special needs child.