Hawaii Llc Operating Agreement Template

In accordance with Statute 428-103, the corporate agreement is not required when an LLC is created. Although when it is created, the members of the company must comply with its general conditions of sale. Every owner of Hawaii LLC should have a business agreement to protect the operation of their business. While not imposed by the state, a company agreement establishes clear rules and expectations for your LLC, while justifying your credibility as a legal entity. THIS COMPANY AGREEMENT has become effective and is concluded ___ 7.1 ASSIGNMENT. Where a member proposes at any time to sell, assign or dispose of all or part of his interest in the company, he must first make a written offer to sell that interest to the other members at a price determined by mutual agreement. If such other members refuse or do not choose such interests within thirty (30) days, and if the sale or assignment takes place and the members do not unanimously approve such sale or assignment, the buyer or assignee shall not have the right to participate in the management of the affairs and affairs of the enterprise, in accordance with Hawaiian liability statutes. The purchaser or assignee is entitled only to the share of profits or any other compensation, by appointment through income and to the return of dues to which the member would otherwise be entitled. 4.5 NOMINEE.

Ownership of the company`s assets is held in the name of the company or in the name of a candidate nominated by the officers. Officers are entitled to enter into a nominated agreement with such a person and such agreement may contain provisions that indemnifies the nominee, with the exception of his or her wilful misconduct. 8.5.3 The sale of the deceased member`s interest in the company takes place in the office of the company on a date fixed by the company, no later than 90 days after the agreement with the personal representative of the estate of the deceased member on the fair value of the deceased member`s interest in the company; provided, however, that, if the purchase price is determined by expert opinions in accordance with point 8.5.2, the closing shall be carried out 30 days after the final valuation and the purchase price. If no personal representative has been appointed within sixty days of the death of the deceased member, the surviving members have the right to request and appoint a personal representative. Create a free account in our business center to access enterprise agreement templates and dozens of other helpful instructions and resources for your business. We`ve created a lawyer-verified tool, always free, that allows you to create a custom business agreement for every type of LLC you have, with features like: It`s recommended by the state. According to General Statute 428 Sec. 101, all members of a Hawaii LLC may enter into a company agreement to regulate the internal affairs of the company.

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