Terms Used In Montana Code > Title 35 > Chapter 8 > Part 1 - General Provisions

• Articles of organization: means articles filed pursuant to 35-8-201 and those articles as amended or restated. See Montana Code 35-8-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized agent: means any individual granted permission by an entity to execute a document on behalf of the entity. See Montana Code 35-8-102
• Business: includes every trade, occupation, profession, or other lawful purpose, whether or not carried on for profit. See Montana Code 35-8-102
• 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.
• Corporation: means a corporation formed under the laws of this state or a foreign corporation. See Montana Code 35-8-102
• Court: includes every court having jurisdiction in the case. See Montana Code 35-8-102
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Distributional interest: means all of a member's interest in the distributions of a limited liability company. See Montana Code 35-8-102
• domestic limited liability company: means an organization that is formed under this chapter. See Montana Code 35-8-102
• Foreign limited liability company: means an entity that is:

  (a)an unincorporated entity;

  (b)organized under a law other than the law of this state, including the laws of a federally recognized Indian tribe;

  (c)organized under a statute pursuant to which an entity may be formed that affords to each of its members limited liability with respect to the liabilities of the entity; and

  (d)not required to be registered or organized under any statute of this state other than this chapter. See Montana Code 35-8-102

• Foreign limited partnership: means a limited partnership formed under a law other than the law of this state, including the laws of a federally recognized Indian tribe. See Montana Code 35-8-102
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Limited partnership: means a limited partnership formed under the laws of this state or a foreign limited partnership. See Montana Code 35-8-102
• Manager: means a person who, whether or not a member of a manager-managed company, is vested with authority under 35-8-301. See Montana Code 35-8-102
• Manager-managed company: means a limited liability company that is so designated in its articles of organization. See Montana Code 35-8-102
• Member: means a person who has been admitted to membership in a limited liability company, as provided in 35-8-703, and who has not dissociated from the limited liability company. See Montana Code 35-8-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operating agreement: means an agreement, including amendments, as to the conduct of the business and affairs of a limited liability company and the relations among the members, managers, and the company that is binding upon all of the members. See Montana Code 35-8-102
• 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: means an individual, a general partnership, a limited partnership, a domestic or foreign limited liability company, a trust, an estate, an association, a corporation, or any other legal or commercial entity. See Montana Code 35-8-102
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Professional limited liability company: means a limited liability company designating itself as a professional limited liability company in its articles of organization. See Montana Code 35-8-102
• Professional service: means a service that may lawfully be rendered only by persons licensed under a licensing law of this state and that may not be lawfully rendered by a limited liability company that is not a professional limited liability company. See Montana Code 35-8-102
• Property: means real and personal property. See Montana Code 1-1-205
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is recoverable in a perceivable form. See Montana Code 35-8-102
• Series of members: means a group or collection of members of a limited liability company who share interests and have separate rights, powers, or duties with respect to property, obligations, or profits and losses associated with property or obligations and who are specified in the articles of organization or operating agreement of the limited liability company or are specified by one or more members or managers of the limited liability company or other persons as provided in the articles of organization or operating agreement. See Montana Code 35-8-102
• State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Montana Code 35-8-102
• Statute: A law passed by a legislature.
• Term company: means a limited liability company designated as a term company in its articles of organization. See Montana Code 35-8-102
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Writing: includes printing. See Montana Code 1-1-203