What is a cooperative simple definition?

A cooperative is defined in the Statement on the Cooperative Identity as. an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

Is a cooperative a legal person?

A co-operative is a distinct form of enterprise that provides services and/or products to its members. By registering a co-operative, you are creating a legal entity with powers and responsibilities as prescribed in the amended Co-operatives Act 6 of 2013.

What is the main purpose of a cooperative?

The purpose of a cooperative is to realize the economic, cultural and social needs of the organization’s members and its surrounding community. Cooperatives often have a strong commitment to their community and a focus on strengthening the community they exist in or serve.

What are three types of cooperatives?

Types of Co-ops

• Consumer Cooperatives. Consumer cooperatives are owned by members who use the co-op to purchase the goods or services that they need.
• Worker Cooperatives.
• Producer Cooperatives.
• Purchasing or Shared Services Cooperatives.
• Multi-stakeholder Cooperatives.

What does it mean to be a cooperative?

The definition of cooperative is someone who is willing to work with others nicely, or is working together towards achieving a common goal.

What is the purpose of a cooperative?

“A cooperative is an organization established for the purpose of purchasing and marketing the products of its members, i.e., shareholders, and/or procuring supplies for resale to the members, whose profits are distributed to the members (in the form of patronage dividends), not on the basis of the members’ equity investment in the cooperative, but

What does the name cooperative mean?

A cooperative (also known as co-operative, co-op, or coop) is “an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise “.

What is the purpose of a cooperative business?

Cooperative businesses are organized for the purpose of improving the bargaining power of the individual members and the product or service quality provided by the members. They also aim to reduce costs incurred during the production process, to provide competition to larger companies with deeper pockets,…