SINGLE-MEMBER. (Applies ONLY if Single-Member): The Company shall maintain complete and accurate books and records of the Company's business and affairs as required by the Statutes, and such books and records shall be kept at the Company's Registered Office and shall in all respects be independent of the books, records, and transactions of the Member(s). The Company's fiscal year shall be the calendar year with an ending month of December. The Member(s) intends that the Company, as a Single-Member LLC, shall be taxed as a sole proprietorship in accordance with the provisions of the Internal Revenue Code. Any provisions herein that may cause the Company not to be taxed as a sole proprietorship shall be inoperative.
Appears in 51 contracts
Samples: Operating Agreement, Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement
