Sections
Part 1 General Provisions § 35-8-101 – § 35-8-111
Part 2 Formation § 35-8-201 – § 35-8-219
Part 3 Relations of Members and Managers to Persons Dealing With Limited Liability Company § 35-8-301 – § 35-8-310
Part 4 Rights and Duties of Members and Managers § 35-8-401 – § 35-8-411
Part 5 Finance § 35-8-501 – § 35-8-504
Part 6 Distributions § 35-8-601 – § 35-8-606
Part 7 Ownership and Transfer of Property § 35-8-701 – § 35-8-707
Part 8 Admission and Withdrawal of Members § 35-8-801 – § 35-8-812
Part 9 Dissolution § 35-8-901 – § 35-8-914
Part 10 Foreign Limited Liability Companies § 35-8-1001 – § 35-8-1014
Part 11 Suits by and Against the Limited Liability Company § 35-8-1101 – § 35-8-1104
Part 12 Merger § 35-8-1201 – § 35-8-1211
Part 13 Professional Limited Liability Company § 35-8-1301 – § 35-8-1307
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Terms Used In Montana Code > Title 35 > Chapter 8 - Montana Limited Liability Company Act

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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.
  • At-will company: means a limited liability company other than a term company. See Montana Code 35-8-102
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • 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
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Business: includes every trade, occupation, profession, or other lawful purpose, whether or not carried on for profit. See Montana Code 35-8-102
  • Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Disqualified person: means any person or entity that for any reason is or becomes ineligible under this chapter to become a member in a professional limited liability company. 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
  • Distributional interest: means all of a member's interest in the distributions of a limited liability company. See Montana Code 35-8-102
  • Docket: A log containing brief entries of court proceedings.
  • domestic limited liability company: means an organization that is formed under this chapter. See Montana Code 35-8-102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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
  • Foreign professional limited liability company: means a limited liability company organized for the purpose of rendering professional services 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
  • Fraud: Intentional deception resulting in injury to another.
  • General partner: means a partner in a partnership and a general partner in a limited partnership. See Montana Code 35-8-1205
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • 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
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensing authority: means an officer, board, agency, court, or other authority in this state that has the power to issue a license or other legal authorization to render a professional service. See Montana Code 35-8-102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Limited partner: means a limited partner in a limited partnership. See Montana Code 35-8-1205
  • Limited partnership: means a limited partnership formed under the laws of this state or a foreign limited partnership. See Montana Code 35-8-102
  • Limited partnership: means a limited partnership formed under the laws of this state or comparable law of another jurisdiction. See Montana Code 35-8-1205
  • 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
  • Member-managed company: means a limited liability company other than a manager-managed company. See Montana Code 35-8-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Oath: includes an affirmation or declaration. See Montana Code 1-1-201
  • Oath: A promise to tell the truth.
  • 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
  • Oral examination: means an examination in the presence of the jury or tribunal that is to decide the fact or act upon it or the spoken testimony of the witness being heard by the jury or tribunal. See Montana Code 1-1-202
  • Partner: means a general partner or a limited partner. See Montana Code 35-8-1205
  • Partnership: means a general partnership formed under the laws of this state or comparable law of another jurisdiction. See Montana Code 35-8-1205
  • 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.
  • Partnership agreement: means an agreement among the partners of a partnership or a limited partnership. See Montana Code 35-8-1205
  • 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
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • 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
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • 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
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Sign: means to identify a record by means of a signature, mark, or other symbol with the intent to authenticate it. 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.
  • Surviving limited liability company: means the constituent entity surviving the merger, as identified in the articles of merger provided for in 35-8-1201. See Montana Code 35-8-102
  • Term company: means a limited liability company designated as a term company in its articles of organization. See Montana Code 35-8-102
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
  • Usual: means according to usage. See Montana Code 1-1-206
  • Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204
  • Writing: includes printing. See Montana Code 1-1-203