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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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
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
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.
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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