A cooperative society is entirely different from all other forms of business organizations. It is very helpful to protect the interest of the weaker sections of the society.
Useful Resources for Cooperative Society
Types of cooperative society
- Producer cooperative
- Consumer cooperative
- Credit unions
- Marketing cooperative society
- Housing Cooperative Society
Who can form co-operative societies?
A group of 10 persons can form co-operative society, such societies function under the co-operative societies Act, 1912 and other state cooperative societies Act.
The Main objectives of co-operatives society are
- To offer self help
- To render service rather than earning profit
- To provide mutual help instead of competition.
Benefits of Co-operative Societies
To entry in a co-operative society is open for everyone. Any person who interested to take responsibility of membership they can join by accepting the rules and regulations. It is not restricted to any gender, region or social class.
Work as Legal Entity
A cooperative society is work as a separate legal entity. Hence, the of any member does not affect the existence of cooperative.
Liability of members in cooperative society is limited based on their contribution to capital.
As a co-operative society in a non-profit organization, because of that fact, the government provide special relief for tax benefits.
Formation of a cooperative society is not much complex. With the majority of any 10 members who want to form a cooperative society, they can form a co-operative society by following required official rules and regulations.
Removal of Middlemen
Cooperative societies can directly contact to the end number of customers. Because of that middlemen might be eliminated.
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