A cooperative society is a type of organization that is owned and controlled by its members who come together to pool their resources for a common goal. The members of a cooperative society share the benefits and risks of the organization, and decisions are made democratically through a process of one member, one vote. This type of organization has several advantages, which we will examine in this essay.
Shared ownership and control
One of the primary advantages of a cooperative society is that it is owned and controlled by its members. This means that each member has an equal say in the organization's decision-making process, regardless of their financial contributions. This shared ownership and control structure fosters a sense of community and cooperation among members, which can lead to increased trust, loyalty, and commitment to the organization's success.