NJ S120

Expands the purposes for which workers' cooperative societies can be formed to include service businesses, in addition to existing categories like mechanical, mining, manufacturing, and trading operations

Removes the $50 cap on the par value of shares that cooperative societies can issue, allowing greater flexibility in capital structure

Eliminates the restriction that shares can only be transferred upon death to family members, allowing members to nominate any person to receive their shares

Requires the New Jersey Economic Development Authority to provide the same financial and technical assistance to workers' cooperative societies as it does for other small businesses in the state

Directs the Department of Labor and Workforce Development to publish information on its website and in employment-related publications about workers' cooperative societies for those interested in forming or joining one