1. Give a brief explanation of cooperative society type of business.
Answers
Answer:
A cooperative society is a unit of business organization. From the very beginning, such units were organized as groups of farmers and manufacturers. Today, coops could be organized in various spheres of economic life. The cooperative movement is a worldwide phenomenon with root from Great Britain.
Its aim is to serve the interest of the poorer sections of society through the principle of self-help and mutual help. The main objective is to provide support to the members. Nobody joins a cooperative society to earn profit.
A business organization can take many forms. One such form is that of a cooperative society. Such societies have unique features of joint ownership and democratic leadership. Let us take a brief look at their features and some types of societies. A cooperative society is not a new concept.
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Answer:
A cooperative society is a voluntary association that started with the aim of the service of its members. It is a form of business where individuals belonging to the same class join their hands for the promotion of their common goals. These are generally formed by poor people or weaker sections of people in society.