Foreign Partner Sample Clauses
The 'Foreign Partner' clause defines the status and treatment of a partner in a business entity who is not a resident or citizen of the country where the entity is formed. This clause typically outlines the specific tax reporting obligations, withholding requirements, and compliance measures that apply to foreign partners, such as the need to provide certain documentation or the application of special tax rates. Its core practical function is to ensure that the entity and its partners comply with relevant domestic laws regarding foreign ownership, thereby mitigating legal and tax risks associated with cross-border partnerships.
Foreign Partner. Each Member represents that it is not a “foreign partner” within the meaning of Section 1446(e) of the Code.
Foreign Partner. It is neither a “foreign person” within the meaning of Code Section 1445(f) nor a “foreign partner” within the meaning of Code Section 1446(e). Each Member hereby agrees to and shall defend, indemnify, and hold the Company and the other Member harmless from and against any loss or damage caused by or accruing from a breach by such indemnifying Member of any representation, warranty or covenant made by it in this Agreement.