Common use of Nature of Entity Clause in Contracts

Nature of Entity. As a limited liability company, the Company is a separate and distinct legal entity, with an identity and existence which is independent and separate from the identity and existence of the Member. For federal income tax purposes, however, the business and activities of the Company will, under currently applicable federal income tax law and regulations, elect to be treated as a separate corporation, not as part of the Member. Unless otherwise specifically provided in this Agreement or required by applicable law, the Member shall not be liable for any debts, obligations or liabilities of the Company, whether resulting from the judgment, decree or order of any court or otherwise.