Question

What do you understand by cooperative societies?

Answer 1

A cooperative society is a voluntary association of persons who come together to promote their economic interests in accordance with cooperative principles. It is an organization formed by individuals, usually of limited means, who voluntarily join on the basis of equality to achieve a common economic goal through a democratically controlled business organization, contributing equitably to the capital required and sharing the risks and benefits fairly. The primary aim is to provide service to its members rather than to earn profits.