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Meaning and principles of co-operatives

Answer Text:
INCORPORATED FORMS OF BUSINESS UNITS.
- These are businesses that have separate legal entities from that of their owners.
- They include:
CO-OPERATIVES
- A co-operative society is a form of business organization that is
owned by and run for the economic welfare of its members.
Principles of co-operatives
i) Open and voluntary membership.
ii) Democratic Administration.
iii) Dividend or repayment.
iv) Limited interest on share capital.
v) Promotion of Education.
vi) Co-operation with other co-operatives.