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.