LLC - Operating Agreement

[Shaun R.]

Hello everyone.  I have real property which is mortgage free and want to transfer into a LLC for asset protection. I am drafting the Operating Agreement and have been doing some research.  However, one thing that I can't seem to find a straight answer on is the proper way to select the tax status of the LLC. I understand that an LLC can elect different tax status: S-Corp, C-Corp, Partnership, or disregarded/pass through entity. 

My question is:  "Do I need to specifically declare which tax status the LLC will be choosing in my actual Operating Agreement? Or is this something that only needs to be done when filing my tax return?"

[Greg O'Brien]

@Shaun R. Your lawyer should put in language. Often times it will include language that allows the members to make specific tax elections upon a vote etc