What is a Co-operative?
A very simple definition of a co-operative would be to say it is a business where a group of people get together voluntary to address their common needs.
A co-operative is a distinct form of enterprise that provides services and/or products to its members. Profits, known as surpluses in a co-operative, are divided among members in relation to the amount of the business each member did with the co-operative.
By registering a co-operative, you are creating a legal entity with certain powers to act on its own and certain responsibilities. Before registering a co-operative, take note of the important record-keeping that need to be done by a co-operative.
Before you decide to register a co-operative you need to have a formation meeting to decide on common purpose and agree to register a co-operative. At the formation meeting the members have to decide on the form and type of co-operative. There must be at least five founding members (people) in order to form a primary co-operative. Co-operatives have certain principles, and are expected to include certain values in all the work that it undertakes