What Is A Cooperative | California State University, Northridge - Edubirdie

University:
California State University, Northridge
Course:
BUS 104 | Introduction to Business
Academic year:

2023
Views:

444

Pages:

1
Author:

JJIssac

WHAT IS A COOPERATIVE? A cooperative is a user-owned, usercontrolled business where people come together voluntarily to meet common economic, social and cultural needs and aspirations. Members share any profits equitably based on their participation. Features of Cooperatives They are legally registered groups where each member has one equal vote regardless of investment size. Profits get distributed in proportion to member transactions. Limited liability protects personal assets from business debts. Origins and Growth The idea of cooperative teamwork to achieve mutual benefit has existed for centuries worldwide. However, they really took shape in 19th century England as workers pooled resources to weather economic hardship together. Kenya's cooperative movement began in the early 1900s and expanded rapidly post-World War 2. Cooperative Principles Key guidelines include open membership, democratic control, limited interest on capital, member education plus allocating surpluses equitably based on use. Voluntary participation respects diversity while fiscal responsibility stems from each owner having skin in the game. Formation Process A cooperative legally incorporates once registered by meeting registration requirements with the Commissioner for Cooperative Development. Minimum founding members and submitted documentation grants certification allowing business activities. Rights and Privileges Incorporated status provides protections like binding bylaws, shielded personal liability and deceased members' transferable entitlements. Contracts with members take precedence while shares retain first charge for member debts to the cooperative. Overall, cooperatives have proven an effective strategy globally for communities to access markets and lift living standards through collective economic participation and ownership.

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