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Supporters say new Maryland cooperative statute would smooth worker-owned business conversions
Summary
HB 15 would create a limited worker cooperative entity in state law; proponents said the change would help employees buy and preserve local businesses, reduce turnover and support rural economies. Business-law reviewers raised technical concerns; sponsors said most issues have been addressed by amendments.
House Bill 15, presented Oct. 12 to the House Economic Matters Committee, would create a Maryland Limited Worker Cooperative Act, establishing rules for formation, governance, conversion and dissolution of worker cooperatives in the state.
Katie Hardy, chief of staff for Delegate Lily Chee, told the committee that current Maryland law recognizes five cooperative forms but not worker cooperatives, leaving about 30 known Maryland worker co-ops without a statutory home. "By including worker cooperatives in the statute, we will not only provide legal recognition to the over 30…
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