Common use of Tax Classification of LLC Clause in Contracts

Tax Classification of LLC. The members of this LLC intend that this LLC be initially classified as a

Tax Classification of LLC. The members of this LLC intend that this LLC be initially classified as aa ____________________________ for federal and, if applicable, state income tax purposes. It is understood that all members may agree to change the tax treatment of this LLC by signing, or authorizing the signature of, IRS Form 8832, Entity Classification Election, and filing it with the IRS and, if applicable, the state tax department within the prescribed time limits.