Montana Code 15-30-3325. Definitions
15-30-3325. Definitions. As used in 15-30-3326 through 15-30-3328 and this section, unless the context clearly indicates otherwise, the following definitions apply:
Terms Used In Montana Code 15-30-3325
- 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.
- 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.
- 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)”Electing pass-through entity” means a partnership or an S. corporation that elects to be subject to an entity tax.
(2)”Entity tax” means a tax that an electing pass-through entity elects to pay under 15-30-3325 through 15-30-3328 and this section.
(3)”Nonresident owner” means an individual, estate, or trust that is not a resident owner.
(4)”Owner” means a shareholder of an S. corporation or a partner in a partnership.
(5)”Resident owner” means an individual, estate, or trust owner that is a resident of the state.