Maintaining S Corporation Status Sample Clauses

Maintaining S Corporation Status a) Major Chemical has elected to be taxed under Subchapter S of the IRC, Treasury Regulations promulgated thereunder (“Treas. Reg.”), and applicable State law, and the parties hereby acknowledge their intention to continue such election unless they shall terminate it in accordance with the provisions of this Agreement. Therefore, the parties agree that they will do nothing, directly or indirectly, which will cause an inadvertent or wrongful termination of Major Chemical's S election. Furthermore, the parties agree to take such action as may be required to continue such election and to prevent its termination.
Sample 1
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