Connecticut Governor Signs Important New ESOP Law for Architectural Firms

Connecticut Architectural Firms May Now be Owned Entirely by ESOPs.

Hartford, CT, July 10, 2019 --(PR.com)-- Connecticut Governor, Ned Lamont, has signed a bill
permitting an Employee Stock Ownership Plan (also known as an ESOP) to own up to 100% of the
equity of architectural firms. The old law, in place for many years, required at least 2/3 of the ownership
of an architectural firm to be held by licensed architects whether or not the stock of the firm was owned
by an Employee Stock Ownership Plan.

The old law has been superseded with respect to ESOP ownership said Richard Glassman, a founding
partner of ESOP Plus®: Schatz Brown Glassman LLP, an ESOP law firm with a national practice and an
office in West Hartford, CT.

Glassman says that the cumbersome and expensive need to create a separate management company is no
longer required for Connecticut architectural firms that wish to sponsor an ESOP with ESOP ownership
in excess of 33% of the firm.

Glassman was the only ESOP practitioner invited to testify about the change before both the Connecticut
Legislature and the Connecticut Architectural Licensing Board.

“I was pleased to be able to support this important change in front of the both the state legislature and the
Connecticut Architectural Licensing Board,” said Glassman. “It's a large step for ESOPs and that will
strengthen the competitive position of Connecticut architectural firms and their employee owners in the
increasingly national market for high quality professional expertise.”

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Contact Information:
ESOP Plus: Schatz Brown Glassman LLP
Rob Brown
585-512-3414
Contact via Email
esopplus.com

Online Version of Press Release:

You can read the online version of this press release at: https://www.pr.com/press-release/789434

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