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you operate of society the word cooperative means working together and with others for common purpose the co-operative society is a voluntary Association of persons who join together with the motive of welfare of the members they are driven by the need to protect their economic interests in the face of possible exploitation at the hands of middlemen obsessed with the desire to earn greater profits the characteristics of a cooperative society are listed below voluntary membership legal status limited liability control service motor let's take a quick look at them voluntary membership the membership of a cooperative society is voluntary a person is free to join a cooperative society and can also leave anytime as per his desire there cannot be any compulsion for him to join or quit a society although procedurally a member is required to serve a notice before he leaves the society there is no compulsion to remain a member membership is open to all irrespective of their religion caste and gender legal status registration of a cooperative society is compulsory this accords a separate identity to the society which is distinct from its members the Society can enter into contracts and whole property in its name Sue and be sued by others as a result of being a separate legal entity it is not affected by the entry or exit of its members Limited Liability the liability of the members of a cooperative society is limited to the extent of the amount contributed by them as capital this defines the maximum risk that a member can be asked to bear control in a cooperator society the power to take decisions lies in the hands of an elected managing committee the right to ward gives the members a chance to choose the members who will constitute the managing committee and this lends the co-operative society a democratic character service motive the co-operative society through its purpose lays emphasis on the values of neutral health and welfare hence the motive of service dominates it's working if any surplus is generated as a result of its operations it is distributed amongst the members as dividend in conformity with the bylaws of the society merits of a cooperative society some of the advantages of the co-operative form of organization are as followers equality in voting status limited liability stable existence economy in operations support from government ease of formation equality in voting status the principle of one-man one-vote governs the co-operative society irrespective of the amount of capital contribution by a member each member is entitled to equal voting rights limited liability the liability of members of a cooperative society is limited to the extent of their capital contribution the personal assets of the members are therefore safe from being used to repave business debts stable existence death bankruptcy or insanity of the members does not affect the continuity of a cooperative society a society therefore operates unaffected by any change in the membership economy in operations the members generally offer honorary services to the society as the focus is on elimination of middlemen this helps in reducing costs the customers or producers themselves are members of the society and hence the risk of bad debts is lower support from government the co-operative society exemplifies the idea of democracy and hence finds support from the government in the form of low taxes subsidies and low interest rates on loans these are formation the co-operative society can be started with a minimum of 10 members the registration procedure is simple involving a few legal formalities its formation is governed by the provisions of the co-operative societies at 1912 limitations of a cooperative society the co-operative form of organization suffers from the following limitations limited resources inefficiency in management lack of secrecy government control differences of opinion limited resources resources of a cooperative society consists of capital contributions of the members with limited means the low rate of dividend offered on investment also acts as a deterrent in a tracking membership or mu capital from the members inefficiency in management cooperative societies are unable to attract and employ expert managers because of their inability to pay them high salaries the members who offer honorary services on a voluntary basis are generally not professionally equipped to handle the management functions effectively lack of secrecy as a result of open discussions in the meetings of members as well as disclosure obligations as per the societies at seven it is difficult to maintain secrecy about the operations of a cooperative society government control in return of the privileges offered by the government cooperative societies have to comply with several rules and regulations relating to auditing of accounts submission of accounts etc interference in the functioning of the co-operative organization through the control exercised by the state cooperative departments also negatively affects its freedom of operation differences of opinion internal quarrels arising as a result of contrary viewpoints may lead to difficulties in decision-making personal interests may start to dominate the welfare motive and the benefit of other members may take a backseat if personal gain is given preference by certain members there are various types of cooperative societies these are based on the nature of their operation they are consumers cooperative societies producers cooperative societies marketing cooperative societies farmers cooperative societies credit cooperative societies cooperative housing societies to summarize this form of an organization that is the co-operative society is a voluntary Association of persons who joined together with the motive of welfare of the members it is compulsorily required to be registered under the cooperative societies Act 1912 the process of setting it up is simple which requires the consent of at least 10 adult persons to form it the capital of a society is raised from its members through issue of shares and it acquires a distinct legal identity after its registration you