IL HB3663

Creates the Limited Worker Cooperative Association Act to establish a new business entity type designed for worker cooperatives and multi-stakeholder cooperatives in Illinois.

Defines worker cooperatives as limited cooperative associations where at least 51% of workers are worker-members or candidates who contribute labor and have voting rights; organization as a worker cooperative does not create presumption of employment status.

Requires limited cooperative associations to have at least 3 members (unless the sole member is a cooperative), a board of directors with at least 3 individuals, and an annual assembly meeting; allows flexible voting structures including one-member-one-vote or patronage-based voting.

Exempts securities, patronage refunds, and membership evidence issued by limited worker cooperative associations and agricultural cooperatives from Illinois Securities Law registration requirements.

Takes effect January 1, 2020.