Hawaii Revised Statutes 428-804 – Member’s or manager’s power and liability as agent after dissolution

(a) A limited liability company is bound by a member’s or manager‘s act after dissolution that:

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Terms Used In Hawaii Revised Statutes 428-804

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
Manager: means a person, whether or not a member of a manager-managed limited liability company, who is vested with authority under section 428-301(b). See Hawaii Revised Statutes 428-101

(1) Is appropriate for winding up the company’s business; or

(2) Would have bound the company under § 428-301 before dissolution if the other party to the transaction did not have notice of the dissolution.

(b) A member or manager who, with knowledge of the dissolution, subjects a limited liability company to liability by an act that is not appropriate for winding up the company’s business is liable to the company for any damage caused to the company arising from the liability.

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Hawaii Revised Statutes 428-804 – Member’s or manager’s power and liability as agent after dissolution

Terms Used In Hawaii Revised Statutes 428-804

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