
Long questions with answers for this topic
A co-operative society is a voluntary association of persons formed to promote the common economic interests of its members through mutual help and democratic control.
Democratic member control is a principle of co-operation, meaning one member has one vote irrespective of capital contribution.
It means every member has equal voting right in a co-operative society regardless of the number of shares held.
Consumer co-operative society is a type of co-operative society.
Limited liability is an advantage; members’ liability is restricted and personal assets are generally protected.
Limited capital is a limitation because co-operatives mainly depend on members’ contributions and cannot easily raise large funds.
A co-operative society has voluntary membership and is formed for mutual help. It follows democratic management with one member one vote. It has a service motive and aims at welfare of members rather than profit maximisation. Registered co-operatives have a separate legal entity and usually provide limited liability to members. Surplus is distributed fairly and used for reserves and welfare.
Sign in to access the all questions and answers
It's free and takes just 5 seconds