Montana Code 33-27-103. Definitions
33-27-103. Definitions. As used in 15-30-2118, 15-31-117, 15-31-118, and this chapter, the following definitions apply:
Terms Used In Montana Code 33-27-103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- 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)”Fiscal year” means the 12-month period used by a particular small business in preparing and filing its Montana individual income tax, corporate income tax, or alternative corporate income tax return.
(2)”Independent liability fund” means a collection of money, assets, and investments that has been set aside by a small business to meet the needs of any liability claims, except workers’ compensation claims, brought against it by third parties.
(3)”Liability claim” means any legal or extralegal action by a third party asserting a right to compensation for a wrong done to it by a small business with an independent liability fund.
(4)”Small business” means any commercial or nonprofit enterprise qualified to do business in the state and qualified as a small business under the criteria established by the federal small business administration on April 20, 1987.
(5)”Third party” means a person other than an employee or the management of a small business or of a subsidiary or closely related enterprise of a small business.