Rhode Island H7964 establishes a process for employee ownership in businesses, allowing employees to purchase the business as a workers' cooperative.

Rhode Island H7964 creates a framework for employee ownership in businesses, ensuring that if a business owner decides to sell, they must notify all current full-time and part-time employees and provide them with a 30-day window to initiate a process to potentially purchase the business as a workers' cooperative. The bill defines a qualified business as one that meets specific criteria, including being a privately held business with at least three employees, not being publicly traded, and not being exempt under certain conditions.

Rhode Island H7964 establishes a process for employee ownership in businesses, allowing employees to purchase the business as a workers' cooperative.

Rhode Island H7964 creates a framework for employee ownership in businesses, ensuring that if a business owner decides to sell, they must notify all current full-time and part-time employees and provide them with a 30-day window to initiate a process to potentially purchase the business as a workers' cooperative. The bill defines a qualified business as one that meets specific criteria, including being a privately held business with at least three employees, not being publicly traded, and not being exempt under certain conditions.