Q 21: Write the any four differences between Cooperative society &
Partnership. long answer
Answers
Answer:
Difference Between Cooperative society and Partnership :--
1. Meaning - It is a voluntary association of individuals which is formed for providing services to its members.
Partnership is the relation between the persons who have agreed to share the profits of a business carried on by all or any one of them acting for all.
2. Objective - The main object of co-operative society is to provide services to its members.
The main object of Partnership firm is to earn profit.
3. No. of members - Minimum 10 members are required to establish co-operative society, no maximum limit.
But In partnership, Minimum 2 members are required. For banking business maximum 10 members and for non-banking business maximum 20 members are required.
4. Legal status - Co-operative society enjoys an independent legal status different from its members .
Partnership Firm does not enjoy an independent legal status from its members.
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