The International Co-Operative Alliance defines a cooperative, or co-op, 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.” In other words, cooperatives are created by …

What is a cooperative business?

Cooperatives are businesses owned by “member-owners”. Co-ops are democratically controlled by their member-owners, and unlike a traditional business each member gets a voice in how the business is run. Services or goods provided by the co-op benefit and serve the member owners.

What is an example of a cooperative?

Common types of service cooperatives include finance, utility, insurance, housing, and health care cooperatives. Rural electric cooperatives, such as Nolin RECC, provide electrical service to residents and businesses in rural areas, and they are probably one of the most well-known examples of a service cooperative.

What is cooperative in your own words?

The definition of cooperative is someone who is willing to work with others nicely, or is working together towards achieving a common goal. An easy-going person who does what you need and pitches in is an example of someone who is cooperative. A cooperative society, store, etc.

Which is the best definition of a cooperative?

Cooperatives A cooperative is 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.

What is the legal definition of a co-op?

co· op· er· a· tive Legal Definition of cooperative (Entry 2 of 2) : an enterprise or organization (as for banking and credit services or the ownership of residential property) that is owned by and operated for the benefit of those using its services

What are the social benefits of a cooperative?

Cooperatives allow people to take control of their economic future and, because they are not owned by shareholders, the economic and social benefits of their activity stay in the communities where they are established. Profits generated are either reinvested in the enterprise or returned to the members.

How are the members of a cooperative managed?

Whether the members are the customers, employees, users or residents, cooperatives are democratically managed by the ‘one member, one vote’ rule. Members share equal voting rights regardless of the amount of capital they put into the enterprise.