A Hawaii multi-member LLC operating agreement conveys the rules and regulations of a newly registered limited liability company’s internal operations and organization. The document serves to bring members into accordance concerning the specifics of their company by providing a written, legally binding document to which all members must consent.

While not mandatory in Hawaii, an operating agreement may be requested by banking institutions or investors to confirm the company’s legitimacy. In the event of any legal action, the form can also be presented to verify the LLCs as a legal entity distinct from the owners, protecting the owners and their assets from liability.