What Are The Features Of A Co-Operative Society?

A co-operative society is registered according to the requirement of co-operative society's act 1925. Persons running the society are known as members of the society. Minimum 10 persons are required to form a co-operative society and there is no maximum limit. A co-operative society is formed for service motive. It's member's works for the common interest, of each other. Its members contribute capital of the co-operative society by the purchase of shares. Its persons are poor and week people so they cannot contribute large amount of capital.

Due to limited resources this form of business organization is not suitable for large scale. Its members are responsible to manage the affairs of the society. Society can pay some salary to its members for their services, because the main goal of the co-operative society is to work in the benefit of its members. So if there is any surplus in any period it will be distributed among the members. It is the voluntary association of persons. Any person can become the member of the society by fulfilling the requirements and any member can leave it at any time. Members of the co-operative society can so some business activity for the common interest. Purpose of this society is to serve its members.