THE SOURCES OF FINANCING OF EMPLOYEE-OWNED COMPANIES
This article is devoted to the issue of the sources of financing of the emerging employee-owned companies. It indicates the possibilities of financing such companies from the equity held by employees, loans and borrowings as well as from funds provided by an outside investor. The analysis of the issue of employee financial participation requires an interdisciplinary approach encompassing not only economic and legal aspects, but also social and political conditions deeply embedded in a historical context. The author devotes a significant part of the work to the imperfect, but noteworthy, citizen-initiated project of the Act on employee-owned companies written by labor unions. This regulation would be a panacea for the lack of sufficient amount of capital needed to create an employee-owned company through the process of employee privatization supported from the public funds. The author considers such a solution in the context of admissibility of state interference with the rules governing free market.