Montana Code 39-71-432. Definitions
Current as of: 2023 | Check for updates
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39-71-432. Definitions. As used in 39-71-433, the following definitions apply:
Terms Used In Montana Code 39-71-432
- 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.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(1)”Business entity” means a business enterprise owned by a single person, corporation, organization, business trust, trust, partnership, limited liability company, limited liability partnership, joint venture, association, or other business entity.
(2)”Group” means two or more business entities that join together to purchase individual workers’ compensation insurance policies covering each business entity that is part of a group.