Class 11 Chapter 7 Cooperative organisation
What is a Cooperative Organization? A cooperative organization is a voluntary group of people who come together to achieve their common economic, social, or cultural needs. It is formed mainly to provide service to its members rather than earning maximum profit. Members join freely, contribute capital, and work together with the motive of mutual help and cooperation. A cooperative runs democratically, where every member has one vote, and decisions are made collectively. After registration, a cooperative becomes a separate legal entity, meaning it can own property, enter into contracts, and conduct business in its own name. Any profit earned is distributed fairly among members according to their participation in the cooperative. In simple words, a cooperative is an organization where people help each other to solve common problems and improve their economic condition through teamwork and equality. Features of Cooperative Organization 1. Voluntary Association: A cooperative is formed by ...