Common use of Accounting Practices and Tax Year Clause in Contracts

Accounting Practices and Tax Year. The Company will keep its books and records and prepare its financial statements in accordance with generally accepted accounting principles and will prepare its income tax returns using such methods of accounting. The Company tax year will be the calendar year. The Company will be on a cash basis for both tax and accounting purposes. The members may delegate accounting and bookkeeping functions of the Company to the Company’s designated accountant or other third parties. MEMBER NAME is designated as the “Tax Matters Partner” (as such term is defined in Article 6231(a)(7) of the Internal Revenue Code), or the equivalent representative for the Company.

Accounting Practices and Tax Year. The Company will keep its books and records and prepare its financial statements in accordance with generally accepted accounting principles and will prepare its income tax returns using such methods of accounting. The Company tax year will be the calendar year. The Company will be on a cash basis for both tax and accounting purposes. The members may delegate accounting and bookkeeping functions of the Company to the Company’s designated accountant or other third parties. MEMBER NAME Member Name is designated as the “Tax Matters Partner” (as such term is defined in Article 6231(a)(7) of the Internal Revenue Code), or the equivalent representative for the Company.