Whether a new company, or merely a new drilling program, the source of capital, its exit strategy, and your business’s overall business plan, among many other things, affect how a new venture is structured. We will cover choice of entity, and how that choice affects what capital you can raise, and what you can and can’t do with each structure. We will also explore the various structures as they affect the liability and liquidity of the sponsor, and look through the eyes of the entrepreneur landman, and not just the capital provider. We will spend a fair bit of time on the tax considerations that drive entity and structure selection, and how it will affect the expectations of capital partners, and companies, and is the single largest driving force in entity selection. Finally, we will look at exit strategies that may be desired and show why you need to know where you are going when you start, as you generally won’t be able to change it once it is time to exit.