Terms Used In Montana Code > Title 35 > Chapter 8 > Part 6 - Distributions

• 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.
• Business: includes every trade, occupation, profession, or other lawful purpose, whether or not carried on for profit. See Montana Code 35-8-102
• Distribution: means a transfer of money, property, or other benefit to a member in that member's capacity as a member of a limited liability company or to a transferee of a member's distributional interest. See Montana Code 35-8-102
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• 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
• Usual: means according to usage. See Montana Code 1-1-206
• Writing: includes printing. See Montana Code 1-1-203