The tax matters member in a limited liability company (LLC) that is taxed as partnership is the designated person to receive tax notifications from the Internal Revenue Service, enter into tax agreements on the behalf of the LLC, and be responsible for keeping all partners informed of any applicable tax issues. By default any LLC with two or more members (owners) is taxed by the IRS under the partnership provisions of the Internal Revenue Code unless the company elects to be taxed in a different manner, such as a C corporation or S corporation. The tax matters member is usually the member of the LLC who takes care of the company’s books and records, particularly its financial records. It is a role that is similar to a treasurer in the corporation. Because LLCs don’t have officers, unlike a corporation, someone needs to explicitly be responsible for taking on this position as the tax matters member. At the formation of an LLC, the founding partners often are ambivalent about whom should take on this role, but it becomes more and more important as the company grows and starts doing business. The person ideally should have a good relationship with the company’s accountant and have a working knowledge of basic partnership tax code terms.