Question

3. Write down the differences between cooperative business and personal business.

Answer 1

Explanation:

There is a difference in basic objectives of cooperatives from companies. The basic objective of a cooperative organisation is to provide essential service for the benefit of members. On the other hand, a company is a business organisation with the objective of earning profit.

Answer 2

Answer:

Cooperative business : "Member-owners" are the proprietors of cooperative firms. In contrast to a standard business, co-ops are democratically administered by their member-owners, and each owner has a say in how the company is run. The co-products op's or services benefit and serve the member owners.

Personal business : Personal Business is defined as conducting business at a meeting or conference for personal financial gain without a direct connection to District business.

Explanation:

• A cooperative is a particular kind of company. A cooperative distinguishes itself by having a member ownership, benefits, and control model that places power in the hands of the customers rather than a single owner or small number of partners. It shares more similarities with a typical corporation than, example, a nonprofit organization. With more than 100 million member-owners, there are more than 47,000 cooperatives in operation in the United States alone. It helps to start by considering who owns the assets in order to better appreciate how cooperatives vary from typical enterprises.
• Industries in the personal business are those that are owned and run by a single person or a small group of people.
• Some personal  businesses include Hindustan Motors, Tata Steel, and Reliance Industries Limited.
• Industries in the cooperative sector are those that are owned and run by a group of people. The members often produce the raw resources. Dairy goods, food processing, and handlooms are a few examples of such sectors.
• Amul is an illustration of a company in the cooperative sector.

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