Limitations on Authority. (a) The authority of the Member over the conduct of the business affairs of the Company shall be subject only to such limitations as are expressly stated in this Agreement or in the Act. (b) The Member shall not make any election under Treasury Regulations Section 301.7701-3 or any comparable provisions of state or local laws to treat the Company as an entity other than an entity regarded as being separate from its owner.
Appears in 58 contracts
Samples: Limited Liability Company Agreement (BCF Cards, Inc.), Limited Liability Company Agreement (BCF Cards, Inc.), Limited Liability Company Agreement (BCF Cards, Inc.)
Limitations on Authority. (a) The authority of the Member over the conduct of the business affairs of the Company shall be subject only to such limitations as are expressly stated in this Agreement or in the Act.
(b) The Member shall not make any election under Treasury Regulations Section 301.7701-3 or any comparable provisions of state or local laws to treat the Company as an entity other than an entity regarded regarding as being separate from its owner.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Styron Canada ULC), Limited Liability Company Agreement (COHOES FASHIONS of CRANSTON, Inc.)
Limitations on Authority. (a) The authority of the Member over the conduct of the business affairs of the Company shall be subject only to such limitations as are expressly stated in this Agreement or in the Act.
(b) The Member shall not make any election under Treasury Regulations Section 301.7701-3 or any comparable provisions of state or local laws to treat the Company as an entity other than an entity regarded as being separate from its owner.
Appears in 1 contract
Samples: Limited Liability Company Agreement (BCF Cards, Inc.)
Limitations on Authority. (a) The authority of the Member over the conduct of the business affairs of the Company shall be subject only to such limitations as are expressly stated in this Agreement or in the Act.
(b) The Unless otherwise determined by the Member, neither the Member nor the Company shall not take any action or make any election under Treasury Regulations Section 301.7701-3 or any comparable provisions of state or local laws to treat the Company as an entity other than an a disregarded entity regarded as being separate from its ownerfor U.S. federal income tax purposes.
Appears in 1 contract
Samples: Business Combination Agreement (L&F Acquisition Corp.)
