Common use of Status of the Company Clause in Contracts

Status of the Company. It is intended that the Company be disregarded as an entity separate from the Member for federal income tax purposes. No election shall be made pursuant to Treasury Regulation Section 1.7701-3 promulgated under the United States Internal Revenue Code of 1986, as amended from time to time, (the “Code”) to treat the Company as an association taxable as a corporation. To the extent the Company is not disregarded for any state, local or foreign income or franchise tax purpose, or other tax purpose, the Company shall prepare and file tax returns as necessary, and the Operating Committee (as hereby delegated by the Member) shall prepare tax returns consistently with such tax returns.

Appears in 6 contracts

Samples: Limited Liability Company Agreement (Ancestry.com LLC), Limited Liability Company Agreement (Ancestry.com LLC), Limited Liability Company Agreement (Ancestry.com LLC)

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