All Members Of Tax-Exempt LLCs Must Qualify, IRS Says

Copyright © 2024 LexisNexis and/or its Licensors


Summary

Law360 (October 21, 2021, 4:27 PM EDT) -- A limited liability company must require that all its members be tax-exempt organizations, governmental units or extensions of such a unit to be recognized as tax-exempt, the Internal Revenue Service said Thursday.