HI HB2082

Adds definition of "low-profit limited liability company" (L3C) to Hawaii law, requiring the company to significantly further charitable or educational purposes and would not have been formed without that charitable relationship.

Prohibits L3Cs from having a significant purpose of producing income or appreciating property, though income production alone is not conclusive evidence of violating this requirement.

Prohibits L3Cs from accomplishing any political or legislative purposes as defined under Internal Revenue Code section 170(c)(2)(D).

Requires L3C names to contain the abbreviation "L3C" or "l3c" instead of the standard "LLC" designation required for regular limited liability companies.

Specifies that if an L3C ceases to meet the definitional requirements, it must immediately change its name to comply with standard LLC naming requirements but may continue operating as a regular limited liability company.