Inherited percentage of shale oil my great grandfather, family and friends bought eons ago. We have tried to form an LLC with all share owners but a few won’t sign so that leaves everyone in limbo. The taxes have to be paid, so who pays them, how to split the money from the company leasing the acreage. No one seems to know. Who do we go to besides a lawyer as no one can afford a lawyer and not all are willing to pay a fair share. Really complicated
If you are trying to form an LLC, it is wise to use an attorney as the terms are quite binding and you want it to be right! Those that want to join can join and those that don’t do not have to. Each person will be responsible for their share of the taxes whether inside or outside of the LLC. But having the LLC may be beneficial in the long run. An attorney really can give you the best help in getting it right and how to pay those taxes. Paying a bit up front can save you a lot in the long run. Maybe some of you can buy the others out.
Thank you. There has been a counsulting lawyer but only as a courtesy. The person who was in charge just died so I’m not sure the next person in line will want to pursue the LLC. Since the group of folks bought the acreage the shares have been divided until there isn’t that much to gain in the royalties. I have 6 shares and when I die my 2 daughters will split that then the 3 grandchildren will get an even small share. There is a group of folks who own 15 shares that’s divided among several of their family. Might be better if I sell. I will get legal advice thank you.