Hawaii Revised Statutes 425-5 – Minors and incompetent persons
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Terms Used In Hawaii Revised Statutes 425-5
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
A minor or incompetent person may not be a partner, but may have a beneficial interest in a partnership through a trustee or duly appointed guardian.
This section shall not apply to the current partners in any duly registered partnership doing business in the State as of July 14, 1969.