Hawaii Revised Statutes 428-411 – Continuation of limited liability company after expiration of specified term

(a) If a limited liability company that has a specified term is continued after the expiration of the term, the rights and duties of the members and managers remain the same as they were at the expiration of the term, except to the extent inconsistent with rights and duties of members and managers of an at-will company.

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Terms Used In Hawaii Revised Statutes 428-411

Business: includes every trade, occupation, profession, and other lawful purpose, whether or not carried on for profit. See Hawaii Revised Statutes 428-101
Limited liability company: means a limited liability company organized under this chapter. See Hawaii Revised Statutes 428-101
Member-managed limited liability company: means a limited liability company other than a manager-managed company. See Hawaii Revised Statutes 428-101

(b) If the members in a member-managed limited liability company or the managers in a manager-managed company continue the business without winding up the business of the company, the company shall continue as an at-will company.

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Hawaii Revised Statutes 428-411 – Continuation of limited liability company after expiration of specified term

Terms Used In Hawaii Revised Statutes 428-411

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