July 15, 2019

New Legislation Allows ESOPs to Directly Own Architecture Firms in Connecticut

On July 9, Connecticut Governor Lamont signed an omnibus bill that included a provision permitting architectural firms to have up to 100% of their shares owned directly by an ESOP. This replaces a long-standing requirement that at least two-thirds of the ownership of an architectural firm be held by licensed architects. (See pages 23 to 26 of Connecticut's Public Act No. 19-177.)