I'm a new member have been reading here for info and need some help. In order to keep our inherited family minerals from being futher divided into smaller and smaller fractions, my brother (lives in NC) and I (live in TX) would like to get a family LLC set up. At the present these minerals are leased, but non-producing. My brother lives in NC. I live in TX. The minerals are located in Grady Co, OK. Where would be the best place to set up the LLC? In one of the states where we reside (if so, which one) or in OK where the minerals are located? Any thoughts and info would be greatly appreciated.
Pat:
I don't really think that it matters where the LLC is set up as long as they are recorded at the County Clerk Office in the County where the minerals are located. Be sure that the proper addresses are on record so people can contact you if they have an interest in the minerals.
Pat,
You are showing a lot of foresight and compassion for your family's heirs, In order to make it easier on them in the future and hold value, consider setting up your LLC in Oklahoma using an OK attorney. Oklahoma has its own unique assignment rules. You may be able to set it up so that the LLC will not have to file as a foreign corporation in Oklahoma thereby avoiding long term administrative problems.