IL SB3005

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

University must maintain at least 51% ownership interest in any limited liability company formed, with private interests allowed to hold up to 49%.

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 must pay distributions to non-University ownership interests as provided under the Limited Liability Company Act.