Montana Code 35-4-109. Definitions
35-4-109. Definitions. As used in this chapter, unless the context otherwise requires, the following definitions apply:
Terms Used In Montana Code 35-4-109
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Foreign professional corporation: means a corporation for profit organized for the purpose of rendering professional services under a law other than the laws of this state, including the laws of a federally recognized Indian tribe. See Montana Code 35-4-109
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Professional service: means any service that may lawfully be rendered only by persons licensed under a licensing law of this state and that may not lawfully be rendered by a corporation organized under the Montana Business Corporation Act. See Montana Code 35-4-109
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)”Disqualified person” means any natural person, corporation, partnership, fiduciary, trust, association, government agency, or other entity that for any reason is or becomes ineligible under this chapter to own shares issued by a professional corporation.
(2)”Foreign professional corporation” means a corporation for profit organized for the purpose of rendering professional services under a law other than the laws of this state, including the laws of a federally recognized Indian tribe.
(3)”Licensing authority” means an officer, board, agency, court, or other authority in this state that has the power to issue a license or other legal authorization to render a professional service.
(4)”Professional corporation” or “domestic professional corporation” means a corporation for profit subject to the provisions of this chapter, except a foreign professional corporation.
(5)”Professional service” means any service that may lawfully be rendered only by persons licensed under a licensing law of this state and that may not lawfully be rendered by a corporation organized under the Montana Business Corporation Act.
(6)”Qualified person” means a natural person, general partnership, or professional corporation eligible under this chapter to own shares issued by a professional corporation.