Hope y'all have lot's of fun. I usually like the local lakes as much as heading to the beach, but I have to admit that I had a nice time in Biloxi. I just don't like driving so far, but since I had to be there anyway I made the most of it and stayed a few extra days. I always hate to prepare for going out of town, but end up having a good time once I get there.
From a tax standpoint there really isn't any advantage because an LLC is a "pass through" enitity. Which means all the income and taxes pas-through it to you intact. There are some liability and estate issues that can be helped (or hurt) by doing an LLC. Make sure you have a good lawyer familiar with all these issuses go over anything.
I think it is a water pipe and not a gas pipe. I wonder if they are pulling water out of a pond to the well site. If you notice on Barlow's property it does not go to the well site - it goes up their drive. Really strange. I have been wondering what it is too!
The $250.00 per rod figure sounds fair. However, I believe that the $3000.00 is a little light. You may ask for a timber appraiser to appraise the value of your timber before agreeing to these figures to give yourself a little leverage. See if they would agree to foot the cost of the appraiser of agreeable to both of you and agree to agree with the appraised value of the land, timber included in the cost per acre payment.
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More