Maintenance of Company Status. (h) The Managing Member shall at all times use its best efforts to cause the Company to comply with such conditions as may be required from time to time to permit the Company to be classified, for federal income tax purposes, as a partnership and not as an association taxable as a corporation.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (RiverBanc Multifamily Investors, Inc.), Contribution Agreement (RiverBanc Multifamily Investors, Inc.), Limited Liability Company Agreement (RiverBanc Multifamily Investors, Inc.)
Maintenance of Company Status. (ha) The Managing Member Managers shall at all times use its their best efforts to cause the Company to comply with such conditions as may be required from time to time to permit the Company to be classified, for federal Federal income tax purposes, as a partnership and not as an association taxable as a corporation, and the Managers shall take any reasonable action necessary to cause such compliance, provided that such action is, in their judgment, in the best interest of the Company and a majority in interest of the Members.
Appears in 1 contract
Samples: Operating Agreement (New Gaming Capital Partnership)
