Rhode Island S2744 establishes a process for employee ownership in businesses with at least three employees.

Rhode Island S2744, known as the Rhode Island Opportunity for Employee Ownership Act, creates a framework for employee ownership in qualified businesses. If the owner decides to sell, they must notify all current full-time and part-time employees and provide a 30-day window for them to initiate a process to purchase the business as a workers' cooperative. The act defines a qualified business as a privately held entity operating in Rhode Island for at least one year, with at least three employees, and not publicly traded or exempt under certain circumstances.

Rhode Island S2744 establishes a process for employee ownership in businesses with at least three employees.

Rhode Island S2744, known as the Rhode Island Opportunity for Employee Ownership Act, creates a framework for employee ownership in qualified businesses. If the owner decides to sell, they must notify all current full-time and part-time employees and provide a 30-day window for them to initiate a process to purchase the business as a workers' cooperative. The act defines a qualified business as a privately held entity operating in Rhode Island for at least one year, with at least three employees, and not publicly traded or exempt under certain circumstances.