The bill establishes the Rhode Island Center for Employee Ownership (RICEO) within the state's business development center. The RICEO is tasked with facilitating the transition of legacy small businesses to employee-owned business models. Its purpose includes securing resources, providing technical assistance, and serving as a concierge service for both legacy business owners and worker owners interested in employee ownership.

The director of the RICEO will oversee its organization, administration, and operation, with the authority to contract out services to ensure adequate technical assistance for small business enterprises. The director's responsibilities include providing a referral service for legal, financial, and technical resources related to employee ownership, partnering with various organizations to promote employee ownership benefits, working with state agencies to enhance opportunities for employee-owned businesses, creating a network of technical support providers, and developing programming to raise awareness about employee ownership models.

Additionally, the bill establishes the RICEO advisory committee to coordinate state resources and foster collaboration between state agencies and the small business community regarding employee ownership and succession planning. The committee will consist of ex officio members from various state departments and appointed members representing worker cooperatives, employee stock ownership plans, chambers of commerce, academic institutions, and small business development centers. The committee will be led by a chair elected by its members.

Definitions provided in the bill include "employee-owned business model," "legacy small business," and "succession planning." The bill also includes a severability clause, ensuring that if any part of the law is found unlawful, it will not affect the remaining provisions. The act will take effect upon passage.