HI HB235

Establishes a new chapter authorizing "sustainable business limited liability companies" (SBLLCs) as a designated form of manager-managed LLC under Hawaii law that must pursue general public benefits and optional specific public benefits.

Requires all SBLLCs to have a designated independent benefit manager who prepares annual statements assessing whether the company fulfilled its public benefit purposes and complied with required standards of conduct.

Mandates annual benefit reports delivered to members and the state director of financial institutions that include narrative descriptions of public benefit pursuit, third-party performance assessments, benefit manager statements, and compensation disclosures.

Grants members and managers the right to bring direct or derivative legal claims to enforce the company's public benefit purposes and applicable standards of conduct for managers and members.

Modifies Hawaii LLC law to require unanimous member consent for elections to become an SBLLC, termination of SBLLC status, and amendments to specific public benefit identifications.