Corporations and Associations - Limited Worker Cooperative Associations - Authorization (Maryland Limited Worker Cooperative Association Act)

HB 15 creates a new legal structure for worker cooperatives in Maryland, allowing businesses where employees jointly own and manage the company to form under standardized rules. It establishes specific requirements for formation, governance, conversion, and dissolution through new sections (4A-12A-01 to 4A-12A-22) in Maryland’s business law code. The bill requires worker cooperatives to file Articles of Organization and a Cooperative Agreement (similar to bylaws for other entities) and pay annual reporting fees like other business structures. This directly affects businesses seeking to operate as employee-owned cooperatives by providing a clear, state-approved framework for their legal operation.