Question

Differences between cooperative society and limited liability company

Answer 1

Answer:

▪️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.

▪️The membership of a coop­erative society is generally drawn from a particu­lar locality while the shareholders of a company are drawn from all over the country. The minimum number of members required for the registration of a cooperative is 10 while the Companies Act requires at least 7 persons for the formation of a pub­lic limited company and at least 2 persons for the formation of private limited company.

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Answer 2

Answer:

The liability of members of a company is limited but the liability of the members of cooperative society is generally unlimited.