§ 33-27-103 — Definitions

33-27-103 . Definitions. As used in 15-30-2118 , 15-31-117 , 15-31-118 , and this chapter, the following definitions apply:
(1) "Fiscal year" means the 12-month period used by a particular small business in preparing and filing its Montana individual income tax, corporate income tax, or alternative corporate income tax return.
(2) "Independent liability fund" means a collection of money, assets, and investments that has been set aside by a small business to meet the needs of any liability claims, except workers' compensation claims, brought against it by third parties.
(3) "Liability claim" means any legal or extralegal action by a third party asserting a right to compensation for a wrong done to it by a small business with an independent liability fund.
(4) "Small business" means any commercial or nonprofit enterprise qualified to do business in the state and qualified as a small business under the criteria established by the federal small business administration on April 20, 1987.
(5) "Third party" means a person other than an employee or the management of a small business or of a subsidiary or closely related enterprise of a small business.

Legislative History

En. Sec. 3, Ch. 564, L. 1987; amd. Sec. 36, Ch. 268, L. 2013; amd. Sec. 52, Ch. 503, L. 2021.