New Legislation Allows ESOPs to Directly Own Architecture Firms in Connecticut

Connecticut Governor Lamont signed an omnibus bill on July 9 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