Partnership for Tax Purposes. The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state or local income tax purposes, and that the Members and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment.
Appears in 10 contracts
Samples: LLC Operating Agreement, LLC Operating Agreement, Operating Agreement
Partnership for Tax Purposes. The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state or and local income tax purposes, and that the Members each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. Each Member hereby indemnifies, and agrees to hold harmless, the Company and the other Member from any and all costs, expenses and claims, including audit costs and assessments (including interest and penalties) arising from such indemnifying Member’s failure to comply with this Section 2.7.
Appears in 2 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement
