Ind. Code § 23-18-1-16 : BUSINESS AND OTHER ASSOCIATIONS — LIMITED LIABILITY COMPANIES — DEFINITIONS —18-1-16 - "Operating agreement" TEXT PDF "Operating agreement" means any written or oral agreement of the members as to the affairs of a limited liability company and the conduct of its business that is binding upon all the members. IC 23-18-1-16 As added by P.L. 8-1993, SEC.301.