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Question for Legal Beacon [ATTORNEY REVIEW] For my LLC Agreement,

Question for Legal Beacon =...
Question for Legal Beacon = [ATTORNEY REVIEW] For my LLC Agreement, are there any changes to be made for the following?

1.9 Separateness Covenants. Except as approved by all of the Members or expressly permitted in this Agreement:

(a) The Company shall at all times maintain correct and complete books and records of account separate from all other Persons. The Company shall not own any real property or business assets other than its interest in the Project, and the Company shall not commingle its assets and its liabilities with those of any other Person.
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Answered in 1 minute by:
7/2/2011
Richard
Richard, Tax Attorney
Category: Tax
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This will stay as is...but you will need to define the Project as the two wells you plan to drill plus the Oil and Gas Lease.
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Customer reply replied 6 years ago

Can you give me an example of what I can put? If its not too much. I would re-write this as a question, but then it would get locked as a duplicate because their system does watch out for double posts. Thanks Richard, just anything simple will work, you dont mind.

Back in the purposes section in Article 1, make the following change...

 

(a) Purposes. The Company shall engage solely in the business of (i) drilling two oil and gas wells upon that certain site pursuant to that certain Oil and Gas Lease attached hereto as Exhibit "_" ("Lease") (the Lease and the two wells to be drilled by the Partnership being defined as the "Project") , and (ii) such other activities as are related to or incidental to the foregoing.

Richard
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