Q.Define the Co-operative Society. Explain its features.

A co-operative society is a voluntary association formed to promote the economic interests of its members through mutual help, democratic control and a service motive rather than a profit motive. ## Meaning This is a TS Inter 1st-year Commerce topic on forms of business organisation, and the TS syllabus here aligns closely with the NCERT/CBSE Business Studies treatment of co-operative societies. A co-operative society is formed when a group of persons, usually of limited means, come together voluntarily to protect and promote their common economic interests through a jointly-owned and democratically-run enterprise, registered under the relevant co-operative societies law. ## Features of a Co-operative Society 1. Voluntary membership — anyone can join or leave freely, regardless of caste, religion or sex. 2. Democratic management — every member gets one vote irrespective of the capital contributed, so control is never concentrated with a few large shareholders. 3. State control and registration — co-operatives must register under the co-operative societies law and are subject to government supervision and audit. 4. Service motive — the primary aim is serving members' needs rather than maximising profit; any surplus is used for the members' benefit. 5. Separate legal entity — a registered society has its own legal existence, distinct from its members, with perpetual …