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Committee considers Maryland Limited Worker Cooperative Act to create new legal entity for worker-owned firms
Summary
Senate Bill 144 would create a limited worker cooperative association (LWCA) under Maryland law to provide a standard legal structure for worker cooperatives, allow conversions and address governance, taxation and workers’ compensation concerns, sponsors and proponents said.
Senate Bill 144 would establish a legal framework to recognize limited worker cooperative associations in Maryland, sponsor Sen. Mary Washington told the Senate Judicial Proceedings Committee on Jan. 9.
Washington said the bill standardizes governance and addresses taxation, workers’ compensation and financing barriers that worker cooperatives now face because they often incorporate under other entity types. The senator said the measure reflects work with the…
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