(a) A member is not a co-owner of, and has no transferable interest in, property of a limited liability company.
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Terms Used In Hawaii Revised Statutes 428-501

  • Distributional interest: means all of a member's interest in distributions by the limited liability company. See Hawaii Revised Statutes 428-101
  • Limited liability company: means a limited liability company organized under this chapter. See Hawaii Revised Statutes 428-101
  • Operating agreement: means the agreement under section 428-103 concerning the relations among the members, managers, and limited liability company. See Hawaii Revised Statutes 428-101
  • Personal property: All property that is not real property.
  • Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, and gift. See Hawaii Revised Statutes 428-101
(b) A distributional interest in a limited liability company is personal property and, subject to §§ 428-502 and 428-503, may be transferred in whole or in part.
(c) An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to § 428-503, may also provide for the transfer of any interest represented by the certificate.

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