A Cooperative Society is basically an independent organization of people who have come together voluntarily to meet a common economic, social or cultural needs. The organization is jointly owned and democratically controlled. It can also be defined as a business firm which is owned and controlled by the people who use it on equality basis.
Its features are as follows:
- It is a legal entity.
- It is owned and democratically controlled by its members,
- The members have a close association with the enterprise as producers or consumers.
-They are normally organized as non-capital stock corporations under state cooperative laws.
- The earnings are shared by members as dividends.
- They are based on self help, self responsibility and democracy.
It is a type of business ownership in which a group of people with the a common interest of coming together to contribute capital to undertake production of goods with the aim of maintaining the welfare of its members
Co-operative Society - A retailers' cooperative is a type of cooperative
which employs economies of scale on behalf of its retailer members.
Retailers' cooperatives use their purchasing power to acquire discounts
from manufacturers and often share marketing expenses. ...
A cooperative society is formed by people who seek to eliminate the middleman for reduction in cost of products n for their own benefit
Cooperative is a establishment that is operated by the members of the society
There are diverse functions of a cooperative society. I would like to list a few here.
General benefit of community and social integration of citizens
Health, social or educational services
Disadvantaged people (mental disability, drug and alcohol addiction, developmental disorders and sexual harassment)