Illinois General Assembly - Bill Status for SB3005

Synopsis As Introduced
Amends the University of Illinois Act. Provides that notwithstanding any other provisions of law, the University may form one or more limited liability companies to own any current or future intellectual property attributable to the University pursuant to the Limited Liability Company Act. Requires the University to maintain a 51% ownership interest in any limited liability company formed. Allows the intellectual property to be held as a tenancy in common with all entities that hold an ownership interest in the company. Requires the payment of distributions.

Actions

Date	Chamber	Action
2/5/2020	Senate	Filed with Secretary by Sen. Chapin Rose
2/5/2020	Senate	First Reading
2/5/2020	Senate	Referred to Assignments
1/13/2021	Senate	Session Sine Die

×