A Co-Operative Flashcards
What is a key feature of co-operatives?
Limited liability for members
What is required to form a co-operative?
At least seven members and registration with the Registry of Friendly Societies.
What is the liability of members in a co-operative?
Members have limited liability, meaning their financial risk is limited to their investment.
What is the control structure in a co-operative?
Each member has one vote, and an elected management committee makes decisions.
What is a key advantage of co-operatives?
Limited liability for members
What is a disadvantage of co-operatives?
Limited capital raising ability
What is the focus of a co-operative?
Focusing on member benefits and service quality rather than maximizing profits.
What makes the decision-making process in a co-operative unique?
The democratic process, where each member has an equal say.
What are co-operatives often involved in?
Businesses such as credit unions.
