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Another benefit is its simple handling during the time it is being founded.There is no hassle of getting it registered. Voluntary organization. Any ten adults can join together and form a cooperative society. Advantages of Cooperative Societies 1. No Secrecy- The membership of a cooperative is always in a state of new members keep joining, while old members might withdraw. The cooperative societies are unable to afford services of expert professionals because they can’t pay high salaries or fees. Cooperative societies follow conventional modes of sale. The existence of a cooperative society is not affected by the death, insolvency or insanity of its members. This recognises the value of economic justice and presents concentration of wealth in a few hands. Types of I Cooperative I Society I Class 11th I business study - Duration: 16:46. (i) Limited Resources – A cooperative society faces shortage of resources as it is run by members, who have limited means. Since members have equal rights all members put forward their opinions and views which results in decisions getting delayed due to constant quarrel among the members as not all members can agree on the same thing at the same time. The cooperative society can be started with a minimum of ten members and is governed by the provisions of Cooperative Societies Act 1912. A credit co-operative society is an autonomous society of persons who are voluntarily associated to accomplish their basic aspirations and requirements through an organization which is jointly owned and democratically controlled. Economical Operations 7. Lack of Public Confidence- The performance of Cooperative societies in many parts of the world does not inspire confidence. Benefits fundamentals Equity is one side of the ownership coin, and member benefits are the other side. For example, a co-operative society is required to get its accounts audited by the auditors of the co-operative department and to submit its accounts regularly to the Registrar. Any person can become a member or quit being a member at any time. It helps in reducing costs. [Editor's Note: the following is excerpted from Jessica Gordon Nembhard, 2014, Benefits and Impacts of Cooperatives.White Paper, February 2014. Benefits of Cooperative Society. Une forme d'organisation coopérative d'entreprise est différente des autres formes d'organisations. A co-operative society is an association and a business organization that is formed by people who have the same interests with the sole aim of promoting their welfare. Difference of opinion – Sometimes, the conflicts among the members on various issues may have an adverse effect on the working of the business. Easy to form: The formation of a cooperative society is very simple as compared to the formation of any other form of business organisations. 2. There cannot be any Mutual Co-Operation- Cooperative societies promote the spirit of mutual understanding, self-help and self-government. Democratic Management 4. The customers or producers themselves are members of the society, which also reduces the risk of bad debts. The funds and time required is minimal to get the society registered. The death or bankruptcy of the members has no effect on its functioning. Advantages Of Co-operative Societies 5. 3. There is better understanding of viewpoints of others, resulting in reduction of social friction. TOS4. Absence of Motivation- A cooperative society is formed for mutual benefit and the interest of individual members is not fully satisfied. The owners provide tangible support for the business with their equity investments, and in return the cooperative provides benefits to member-owners. Thus, the management might be weak, unstable and lacking in commitment. Advantages of Cooperative Society The cooperatives, being a special form of business ownership, enjoy certain advantages which are no availed of by other forms of organizations. 9. Its formation is governed by the provisions of Cooperative Societies Act, 1912. Limited Liability – The liability of the members of the cooperative society is limited to the extent of capital invested by them. Irrespective of their religion, gender & caste, membership is open to all. – It is a stable form of a business organisation. They are usually cheaper, per square foot than condos in the same area, with the added benefit of lower closing costs. Advantages of cooperative housing societies: Easy to form: A cooperative society is a voluntary association. A society, therefore, operates unaffected by any change in the membership. 2. ii. – Cooperative Society existence isn’t affected by death, bankruptcy or insanity of the members. Thus, the management, Advantages and Disadvantages of Cooperative Society. Some ambitious members also want to control the functions of the organisation. These persons need credit facilities. There is no direct link between effort and reward. Li… A minimum of ten persons is required to start a cooperative society. The underlying principle of co-operation is “self-help through mutual help.”. Any ten adults can join together and form a co-operative society. The main benefits claimed by different kinds of cooperative societies, in brief, are as under; Advantages of Cooperative Society Income Tax Exemption. Inefficient Management 3. 1. Lack of Loyalty- The bulk of transactions of a cooperative is with its members. 3. Ease of Formation – Any ten persons can come together and form a cooperative society. The low rate of dividend offered on investment also acts as an obstacle in attracting membership or more capital from the members. Advantages and Disadvantages of Cooperative Society: 5 Points, Cooperative societies have to work under several rules and, regulations relating to audit and submission of accounts. Outline five benefits that a Savings and Credit Co-operative society (SACCO) provides to its members. It is compulsory for the co-operative society to get registration. Apart from the disadvantages mentioned above, a cooperative society has to endure the following problems: (i) Members may misuse funds for selfish motives. Group of people records of the advantages of co-operatives: 1 through of... Invest large capital may not be used to repay business debts the initial enthusiasm about the advantages disadvantages. Discussed openly in the functioning of the organisation grant of subsidies only one vote.! Organization and operated by a member of these enterprises proportion of members is not affected death! Load mutual funds, advantages and disadvantages of cooperative housing societies: 1,! 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