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An autonomous association composed mainly of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise which acts according to internationally agreed upon values and principles as outlined by the International Co operative Alliance. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership.
Cooperatives are businesses that are owned and democratically controlled by their members—the people who buy their goods or use their services—not by investors.
Seven Cooperative Principles
• Voluntary and Open Membership.
• Democratic Member Control.
• Member Economic Participation.
• Autonomy and Independence.
• Education, Training and Information.
• Cooperation Among Cooperatives.
• Concern for Community.
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