What are the main features of cooperatives?

According to the Commission, cooperatives have several defining characteristics: 1) they are open and voluntary associations; 2) they have a democratic structure, with each member having one vote; and 3) they have an equitable and fair distribution of economic results based on the volume of operations made through them …

What are the features of cooperative management?

Based on the above definitions, we can now list out the main features of the cooperative form of business ownership as follows:

Voluntary Organisation:
Democratic Management:
Service Motive:
Capital and Return Thereon:
Government Control:
Distribution of Surplus:

What are the salient features of cooperative institutions?

Salient Features of Co-operative Institutions

Voluntary Association. A co-operative society is a voluntary association of persons and not of capital.
Open Membership.
Equality in Voting.
Democratic Management.
Fixed Return on Capital.
Disposal of Surplus.
Body Corporate.
Service Motto.

What are the advantages of cooperative?

Advantages of a Cooperative Society:

Easy to Form: Forming a cooperative society is a no-brainer.
No Restriction on Membership:
Limited Liability:
Service Motive:
Democratic Management:
Low Cost of Operations:
Internal Financing:
Income Tax Exemption:

What are the characteristics of a co-operative organisation?

The characteristic features of co-operative form of organisation are as follows: 1. Voluntary Association 2. Democratic Set-Up 3. Service Motive 4. No Exploitation 5. Concept of Equality 6. Each for Every One 7. Spirit of Self-Help 8.

What is the function of a cooperative society?

In fact, the major function of a cooperative society is to provide credit facilities to the peasants for productive purposes only. It does not give credit for fulfilling social obligations. Thus, a cooperative society is an association of the poor peasants for meeting their productive needs. Membership to a cooperative society is voluntary.

What kind of laws do co-operatives have to follow in Canada?

In Canada, a co-operative must incorporate under a specific co-operative Act at the provincial, territorial or federal level. These Acts govern all types of co-operatives, with the exception of financial co-operatives which are governed by separate legislation.

How are co-operatives and companies similar and different?

In the case of companies, the profit earned is distributed to its members in the form of dividend in proportion to the shares held by them, whereas in co-operatives the surplus is distributed to the members in proportion to the business transacted by them with the society. 11. Operational Area