IL SB1308

Amends the University of Illinois Act to allow the University to form one or more limited liability companies to own current or future intellectual property attributable to the University.

Requires the University to maintain at least 51% ownership interest in any limited liability company formed, while private interests may hold up to 49%.

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

Requires limited liability companies to pay distributions to non-University ownership interests in accordance with the Limited Liability Company Act.