HRS §428-501
What a member owns in an LLC
A member of an LLC does not own the company's property. Instead, the member owns a personal property interest in the company, which can be transferred, unless the operating agreement says otherwise. The operating agreement can also allow for a certificate to represent that interest.
The statute, as written — Member's distributional interest
(a) A member is not a co-owner of, and has no transferable interest in, property of a limited liability company. (b) A distributional interest in a limited liability company is personal property and, subject to sections 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 section 428-503, may also provide for the transfer of any interest represented by the certificate.
Sections this one refers to
§428-502 What happens when a member transfers their share
§428-503 What rights a person who gets an ownership share has
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.