Terms Used In Montana Code > Title 35 > Chapter 8 > Part 2 - Formation

• 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.
• 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.
• 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
• Business: includes every trade, occupation, profession, or other lawful purpose, whether or not carried on for profit. 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.
• 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.
• 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 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.
• 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
• 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
• 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
• 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
• 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.
• 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
• 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
• 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
• Term company: means a limited liability company designated as a term company in its articles of organization. See Montana Code 35-8-102
• Trustee: A person or institution holding and administering property in trust.
• Writing: includes printing. See Montana Code 1-1-203