This operating agreement is used when the parties to the Agreement are owners of oil and gas leases and/or oil and gas interests in the land identified in Exhibit A to the agreement, and have reached an agreement to explore and develop these leases and/or oil and gas interests for the production of oil and gas to the extent and as provided for in this Agreement.
Kentucky Joint Operating Agreement 82 Revised
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Multi-State
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US-OG-757
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How to fill out Joint Operating Agreement 82 Revised?
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FAQ
Per KY Rev State § 275.003, Kentucky LLCs are not required to have an operating agreement. However, drafting a comprehensive operating agreement is crucial for many aspects of your business.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.
A JOA is a way for co-venturers to apportion liability in ance with their agreed participating interest. Under a JOA, the parties: Appoint an operator to manage operations and dealings with the host state and other third parties on behalf of the consortium.
To start an LLC in Kentucky, you'll need to choose a Kentucky registered agent, file business formation paperwork with the Kentucky Division of Business Filings, and pay a $40 state filing fee.
A Joint Venture (JV) is the name given to a business formed by different companies that come together for a particular business. These parties enter into a Joint Operating Agreement (JOA) that binds them together. A JV is established for a specific purpose.