Cooperative is an association of people who unite voluntarily toward a common goal. Members join together to buy or sell items they cannot afford to buy on their own.
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This organization is easily formed and has no legal formalities. Membership is voluntary and open to everyone. Mutual goodness is the primary goal, where the surplus is shared among members.
But, the cooperative’s limited financial resources and lack of management skills are among its weaknesses. Conflicts also often arise due to different social, economic, and academic backgrounds among members.
