IL SB3568

University of Illinois may form one or more limited liability companies to own current or future intellectual property under the Limited Liability Company Act.

University must maintain at least 51% ownership interest in any limited liability company formed under this provision.

Private interests may hold up to 49% ownership interest in limited liability companies created under this section.

Intellectual property held by a limited liability company may be held as a tenancy-in-common with all entities holding ownership interests, at the Board of Trustees' discretion.

Limited liability companies shall distribute payments to non-University ownership interests according to the Limited Liability Company Act.