Consumers are thus saved from adulteration and other malpractices. 3. 1. The membership of a cooperative society is opentoall. Cooperatives - Features, advantages and disadvantages Who's Online. ADVERTISEMENTS: Read this article to learn about the definition, features, advantages and limitations of co-operative organization. Types Of Co-operative Societies 4. Feature # 1. Easy Formation: Compared to the formation of a company, formation of a cooperative society is easy. The word ‘company’ comes from the Old French word for ‘companion’ and it refers to a group of people who are united by common goals or aims. Advantages . Cooperative form of organisation offers the following advantages: 1. 2. Social enterprise tends to operate with a reason for making an incentive for the general public and furthermore create profit. It develops a state of moral booster to the poor people who develop greater confidence among themselves. Cooperative Society is very important for small business. Meaning & Essential Features of Economic Planning. The system of owning a house through a housing cooperative society in Nigeria has its own perks and advantages on a good day, but it also has its disadvantages. As the thumb rules, the solutions they offer should be innovative, remarkable, people and environmentally friendly. There is no legal binding or coercion from any corner for a person to become a member. 2. Co-ops first appeared in New York City in the late-1800s and became popular in Washington, DC in the 1920s. Disadvantages of cooperative society: Inspire of various advantages claimed of cooperatives. Meaning Of Co-operative Society. Any ten adults can join together and form a cooperative society. 4. Disadvantages of a Cooperative Organization: 1. The cooperative society itself is a voluntary association, hence the membership of a cooperative society is voluntary. FOLLOW US AT. Unlike other retailers, cooperative stores supply quality goods. All members have equal rights and can have a voice in its management. A person is free to join a cooperative society, and can also leave anytime as per his desire. Business Studies. The membership fee is kept low so that everyone would be able to join and benefit from cooperative societies. What is a company or corporation? Very little time and money are required to get a cooperative registered. The cooperative society works on the principle of mutual help & welfare. Meaning Of Co-operative Society 2.Features Of Co-operative Society 3. If any surplus is generated, it is distributed amongst the members as a dividend in conformity with the bye-laws of the society. A cooperative society is different from other forms of business organization because other business organizations like partnership firm or private limited companies work with the sole objective of earning profits whereas in this form of business organization member’s voluntary join the society so to work for the benefit of the members of the society while doing business. Disadvantages of Cooperative Society: 1. Anypersonwithcommoninterest can become a member. It facilitates its members in getting pure and unadulterated goods at a competitive price. The procedure involves in the registration of a cooperative society is very simple and easy. Housing Cooperative Society: This committee is formed to help the members who need lands and houses. What are the Advantages and Disadvantages of Cooperative Society? Leave a Comment / Uncategorized / Uncategorized Features and Advantages A co-operative society is managed in a democratic manner. Any ten adults can join together and form themselves into a cooperative. Trust A public […] 1. By: REBAC Staff. cooperative society features, advantages disadvantages. Extensive record keeping is necessary in this form of organization. Income Tax Department treats both Trusts and Societies similarly and the procedure for Exemption of Income or Grant of 80G Certificates is same under both entities; we should see the benefits of forming both Trusts and Societies separately so that a decision can be made as to which formation to go for. Advantages of Co-operative Society 1. 3. Cooperative buildings, or “co-ops,” are a unique housing option, typically found in a limited number of U.S. urban markets. I am talking about the basic society in its general figure - with no specific religion, ethnicity, race, branches or forms of government but having to realize that there will always be a difference between ages, sex and orientation. 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