For tax purposes, a limited liability company may elect to be treated as a partnership.

Limited Liability Company

A form of business organization that unites the personal tax treatment of a partnership or sole proprietorship with the limited legal responsibility associated with corporations.

Tax Purposes

For tax purposes refers to the specific reasons or objectives related to the calculation and payment of taxes to comply with tax laws.

Elect

To choose or select someone or something for a specific role or position through a vote or decision-making process.