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  1. #1
    Join Date
    Feb 2020
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    Question What Happens to the Mineral Rights if the LLC is Dissolved

    I am part of an LLC that sold a piece of property but we kept the mineral rights? We have decided that we do not want to pursue other investments and would like to part ways and dissolve the LLC. What happens to the mineral rights that we own if we dissolve the LLC? Currently no one is interested in buying it from us?

  2. #2
    Join Date
    Jul 2018
    Posts
    2,051

    Default Re: What Happens to the Mineral Rights if the LLC is Dissolved

    Quote Quoting samauto
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    I am part of an LLC that sold a piece of property but we kept the mineral rights?
    First, despite your use of a question mark, this sentence is not a question (same with the last sentence in your post). If you intended a question, I cannot discern what you intended to ask. Second, when you wrote that you are "part of an LLC," I assume that means you are a member of the LLC. Correct? Third, in what state is the LLC organized and, if different, in what state is the property located?


    Quote Quoting samauto
    View Post
    We have decided that we do not want to pursue other investments and would like to part ways and dissolve the LLC. What happens to the mineral rights that we own if we dissolve the LLC?
    Depends on the terms of the LLC's articles of organization and/or by-laws and/or any other written agreements between you and the other members. If none of those documents answer the question, then it's up to the members to decide (assuming there are assets remaining once all liabilities are paid).

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