Indiana Code Title 23. Business and Other Associations § 23-15-12-2

(A) in which the members are buyers of goods or services from, or sellers of goods or services to, the entity;

(B) that is characterized as being democratically governed;

(C) that distributes profits or surpluses on the basis of use rather than on the basis of capital contributions or ownership;  and

(D) that pays a limited return of less than eight percent (8%) on preferred equity.