The cousin who wrote up a LLC on the 162 acres of oil shale has passed and now everything is at a stand still. He didn’t complete the LLc, meaning he did not get all the signatures needed to complete it. Now everything seems to be in limbo. His sister is trying to find out how to proceed. The taxes should be paid by all owners by how many shares they have. Correct? It’s messy. Any advice
If the LLC was not completed, then no one may own shares. You need to get an attorney to look at the situation.
I think I misstated the concern There are owners of shares already. We were trying to put everything and every share into an LLc to make it easier for communication and tracking etc. right now some have inherited 10 shares, some 6, some 3 a few had a lot of shares and make theirs into a LLc that would have been incorporated into the new one. It’s really confusing
Definitely time for an attorney to straighten it out.
Thank you. One of the share owners is in contact with the attorney who was giving advice. It’s really messy
That person has since died and his sister is trying to unravel everything. Says every share holder is on their own but she will pay taxes. So if no LLc, then how do I get the information on what my portion is. While trying to form an LLc share holders were told they had money from a gas company that leased the acreage for abit. So how do I get my money about $135.
Legal questions are best handled by an attorney licensed in the state of the minerals. Has anyone contacted the operator for copies of the title opinion paragraph that relates to your shares? The operator may also have title requirements before they will release the money.
I tjust saw your reply about shares of land and mineral rights. I have an attorney in utah trying to unravel the quit claims and ownership. My great grandfather along with family members and friends bought 160 acres of land with oil shale on or in it. He willed his portions and his wife’s portions to his several children, my grandfather, their son also bought shares, a daughter also bought her own shares in this property.
My grandfather plus his sister own their own shares plus the share their father willed to anll his children.
I have copies of my great grandfather, great grandmother, my grandfather and the daughter’s wills.
The daughter’s shares, plus her own were put in an LLC for her children, who have since died and their children have continued with that LLC. They also had shares that were not in the LLC, not sure where those shares came from, that they wanted to quit claim to me (I have my mothers shares) But they did the form incorrectly and have not corrected it. I don’t know what they did about correcting it or if they decided not to give it to me.
One of my cousins put herself in charge of that LLC and the rest of the shares.
I have contacted several present day “owners” of their ancestors shares but don’t know if all legal documents have been filed
How do I find out if all current share holders are legal share holders.
We have very few records
The county courthouse will have the documents that have been filed. You may need a landman to hunt down everyone. They are cheaper than an attorney. You may still need the attorney to get everything into the proper order.