Section 73 Structure of a Limited Liability Company Electing Subchapter S
| Library | Corporate Organization and Operation 2009 Supp Forms |
As long as the LLC has elected for federal tax purposes to be taxed as a subchapter S corporation, the following provisions shall be effective:
• No allocations of profits, losses, or other federal tax items of the limited liability company or interim or other distributions shall be made otherwise than in accordance with each member's capital account.
• No one shall be admitted as a member who is not eligible to be a subchapter S shareholder, and the number of members shall at no time exceed the number of...
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