Hawaii LLC Operating Agreement
The Hawaii LLC Operating Agreement is the core document that is referred to when issues
concerning a Hawaii limited liability company (“LLC”) need to be resolved.
The LLC
Operating Agreement is the most important document for your Hawaii LLC.
In the case of a single member LLC, without the formality
of an LLC Operating Agreement, the LLC can closely resemble
a sole proprietorship, which does not limit your personal
liability for business debts of the LLC.
With respect to a multi-member LLC, the LLC Operating Agreement reflects the agreement among the members with
respect to the affairs and management of the LLC and governs
the relationship amongst the members of the LLC. By having
an LLC Operating Agreement, the members will be provided
with a clear set of rules that all members have agreed upon
greatly reducing the likelihood of disagreement between
them in the future. A LLC Operating Agreement will also
greatly reduce financial and management misunderstandings,
and make sure your business is governed by your own rules
-- not default rules created by the state of Hawaii.
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will have one or more members, will be managed by its members
or by elected managers, or will be granting one or more
members an interest in the LLC for the performance of services,
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The LLC operating
agreement does not have to be filed with any state agency.
All states, including the state of Hawaii will enforce valid
operating agreements entered into among LLC members. The
operating agreement will only be enforced against the persons
who are parties to the agreement. Therefore, it is extremely
important that all members of an LLC sign the operating
agreement.
Your Hawaii
Limited Liability Company
LLC Filing Office
Department
of Commerce and Consumer Affairs
Business Registration Division
P.O. Box 40
Honolulu, HI 96810
Tel: 808-586-2744
www.hawaii.gov/dcca/areas/breg/
Check Name Availability
Entity or Franchise Level Tax
Hawaii
does not require partnerships, LLCs taxable as partnerships,
or disregarded single-member LLCs to pay a general net worth
tax or a tax based on net income.
State LLC Act
The
Hawaii LLC Act is contained in Chapter 428 of the Hawaii
Statutes
Important Statutory Rules
LLC Management
An
LLC is managed by its members unless the Articles of Organization
states that the LLC is to be managed by one or more managers.
Admission of Members
Unless
the Operating Agreement states otherwise, new membership
must be issued with the unanimous consent of all the members.
Amending the Operating Agreement
Unless
the Operating Agreement states otherwise, amendments to
the Operating Agreement must be approved by all the members.
Dissolution
Unless
otherwise provided in the Operating Agreement, the approval
of all members is required to approve distributions to members
prior to the dissolution of the LLC, to sell all LLC assets,
or to voluntarily dissolve the LLC.
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