Partnership Qualification Sample Clauses
The Partnership Qualification clause defines the criteria and requirements that entities or individuals must meet to become recognized as partners within a partnership agreement. Typically, this clause outlines eligibility standards such as legal capacity, financial standing, or professional credentials, and may specify any necessary application or approval processes. By clearly establishing who can qualify as a partner, this clause ensures that only suitable parties are admitted, thereby protecting the integrity and objectives of the partnership.
Partnership Qualification. Each of the Partnership and any subsidiary limited liability company or partnership is qualified as a partnership or a disregarded entity for federal income tax purposes and not as an association taxable as a corporation or as a publicly traded partnership.
Partnership Qualification. 30 9.18 Domestically-Controlled REIT................................. 30 9.19 Pension-Held REIT............................................ 30 9.20
Partnership Qualification. Each of the Partnerships is treated as a partnership for federal income tax purposes and not as an association or publicly traded partnership taxable as a corporation.
Partnership Qualification. The Board of Directors shall use its reasonable best efforts to take such actions as are necessary or appropriate to preserve the status of the Company as a partnership for U.S. federal (and applicable state) income tax purposes. If, however, the Board of Directors determines that it is no longer in the best interests of the Company to continue to qualify as a partnership for U.S. federal (and applicable state) income tax purposes, the Board of Directors may elect to treat the Company as an association or as a publicly traded partnership taxable as a corporation for U.S. federal (and applicable state) income tax purposes. In the event that the Board of Directors determines the Company should seek relief pursuant to Section 7704(e) of the Code to preserve the status of the Company as a partnership for U.S. federal (and applicable state) income tax purposes, the Company and each Member shall agree to adjustments required by the tax authorities, and the Company shall pay such amounts as required by the tax authorities, to preserve the status of the Company as a partnership for U.S. federal (and applicable state) income tax purposes.
Partnership Qualification. The Credit Parties shall use their reasonable best efforts to ensure that the Operating Partnership and each non-corporate Subsidiary thereof is taxed as a partnership for U.S. Federal income tax purposes.