Terms Used In Hawaii Revised Statutes 431:19-206

• Association: means two or more members who are engaged in business or activities similar or related to the liability to which these members are exposed by virtue of any related, similar, or common business trade, product, services, premises, or operations; provided that the members of the association shall be individuals, corporations, limited liability companies, partnerships, associations, or other entities, except labor organizations, the member organizations of which or which does itself, whether or not in conjunction with some or all of the member organizations:

  (1) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer;

  (2) Have complete voting control over an association captive insurance company incorporated as a mutual insurer;

  (3) Constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer; or

  (4) Have complete voting control over an association captive insurance company formed as a limited liability company. See Hawaii Revised Statutes 431:19-101

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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.