What is the process for dissolving a business entity?

In Hawaii, the process for dissolving a business entity is outlined in chapter 428D of the Hawaii Revised Statutes. The process begins with all the members of the business entity filing a certificate of dissolution with the Hawaii Department of Commerce and Consumer Affairs. This certificate must include the name of the business entity, the date of its formation, and the date of dissolution. After the filing of the certificate, the business entity must file an official notice that it is dissolving in a local newspaper. Additionally, the business entity must pay any outstanding taxes and debts, settle any outstanding disputes or legal claims, and terminate any leases or contracts still in effect. Finally, all remaining assets must be distributed to members of the business entity in accordance to the terms outlined in the original articles of the business entity or bylaws. Once all these steps are complete, the business entity is officially dissolved and may no longer conduct business in the state of Hawaii.

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