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WESTERN AUSTRALIAParliamentary Debates (HANSARD)THIRTYFIFTH PARLIAMENT FIRST SESSION 1997LEGISLATIVE COUNCILTuesday, 10 June 19973527Legislative Council Tuesday, 10 June 1997 THE PRESIDENT (Hon George
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An election of member is needed by any organization, association, club, or community that follows democratic principles and wishes to select or appoint a new member to fill a vacant position or board seat.
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Election of member refers to the process by which members of a certain entity, often a corporation or an organization, choose to be classified as a particular tax entity for federal tax purposes.
Entities such as Limited Liability Companies (LLCs) and certain partnerships that wish to change their tax classification are required to file an election of member.
To fill out the election of member, the entity must complete IRS Form 8832 and provide necessary information including the entity's name, address, and the elected classification.
The purpose of the election of member is to determine how an entity will be taxed, allowing for flexibility in tax treatment that can benefit the owners.
Information that must be reported includes the entity's name, address, Employer Identification Number (EIN), the classification being elected, and other relevant details regarding ownership.
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