Hello, My Sister and Brother and I received mineral rights in Williston ND about 26 years ago after our mother passed away. We leased to a company about12 years ago no one drilled than leased to another company about 7 years ago we decided at that time to form an Incorporation before we leased in the state of MI. And than received a check from that company being in an Incorporation and know a new company we have been working said they do not have any information on are Incorporation does anyone know where I have to send paper again are what I have to do?
Ask the new company what they require. They may just need a copy of the Incorporation documents that list you and your siblings as owners.
they are the ones that said they could not find anything and said they might have to go all the way back to are mother and I told them it was in our names first then after that contract was up we decide to do an INC
You say that minerals belonged to you mother and you and siblings inherited. Did you file probate of her estate and transfer title in deed records of the county where the minerals are located. Or transfer title by other recorded documents? Did an attorney help you file the papers to form the corporation or did you do it yourselves? Have you filed the annual reports with your state for the corporation. To transfer title of the minerals to a corporation, you each had to sign a deed to the corporation and record it in the county where the minerals are located. You need to put together all the paperwork relating to the chain of deeds transfering title out of your mother to the corporation. Then you can send copies to the oil company.
Yes we inherited them 26 years ago her probate was done 25 to 26 years ago the first time we received bonus income we all did it on are own and had no problems and it was done in the state ND
and the probate was done state IN which she lived and passed in away and the state of ND had all that info and we had no problems the title was in are names the first time
No attorney but a tax office did and yes we have filled a report in our state and also have done tax returns
We all sing a deed to the corporation in the state of MI where one of I live it has not been file In ND but when he got another offer after the first one was over the company that we where doing business with ask for the INC papers and I sent them and had no problems with that and they are located in ND
But it been in our names and we had no issue only know with another new company
Minerals are real estate, just like your house. All deeds and title records regarding the minerals must be filed in the county in N. Dakota where the minerals are located. It is not effective and does not clear title to file a deed in a different state. First you must satisfy the probate requirements in the State of ND. Texas will accept a filing of the certified probate from another state. Many other states required ancillary probate in one county within that state and then the ancillary probate can be filed in other counties. You need to find out if you have filed the required records in the county in ND where your minerals are located to transfer the title out of your mother and into her children. Second you must all sign a deed from yourselves into the corporation and record it in the proper county in ND. The problem here is that some landman took a lease without requiring clear title. If a well had been drilled, then you would not have received royalties until you cleared the title. I suggest that you consult with your tax advisor and attorney to make sure that a corporation is the best vehicle, rather than a limited liability company or a limited partnership.
Also, if the minerals are in ND, you have to file to claim them every 25 years (it may be 20-been a while since I did it) in order to retain them. Talk to your accountant or attorney. ND has a specific format that is required.
It was filled in 2013
Ok and that time we decided to do a S Corp do you have any suggestions ?