Federal and State Tax Provision. If there is a single member of the Company, the Company will be treated as disregarded entity for federal and state income tax purposes. If there are two or more members, the members expect and intend that the Company will be treated as a partnership for federal and state income tax purposes. The members agree individually that they will take all actions necessary to effect the stated tax status and will do nothing that is inconsistent with or that will otherwise jeopardize that tax status. Members can agree to change the tax status of the Company upon a unanimous vote.
Appears in 45 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
