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A cooperative society is a business organization formed by a group of individuals who voluntarily unite to achieve common economic, social, or cultural goals. Unlike traditional enterprises that prioritize profit for shareholders, a cooperative society is designed to benefit its members through collective action, democratic management, and shared resources. Members contribute capital, skills, or labor and jointly participate in decision-making, generally following the principle of “one person, one vote,” regardless of the capital contributed.
The core idea behind a cooperative is mutual assistance. Members pool their resources to procure goods or services, access affordable credit, or market their products collectively. For example, a group of farmers may form a cooperative to buy seeds and fertilizers in bulk at reduced rates, while a consumer cooperative can arrange for essential goods to be sold to its members at cost prices by removing middlemen.
Features of cooperative societies include voluntary and open membership, democratic control, emphasis on service rather than profit, limited return on capital, and collective decision-making mechanisms. Membership is open to all individuals sharing a common interest, and entry or exit is entirely voluntary. This structure fosters transparency, inclusiveness, and accountability.

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