cooperative

cooperative
/kowop(a)rat3v/
A corporation or association organized for purpose of rendering economic services, without gain to itself, to shareholders or members who own and control it. United Grocers, Limited v. U. S., D.C.Cal., 186 F.Supp. 724, 733.
Type of business that is owned by its member-customers. Cooperatives vary widely in character and in the manner in which they function. They have been classified along functional lines as follows:
(a) consumer cooperatives (including consumer stores, housing cooperatives, utility cooperatives, and health cooperatives);
(b) marketing cooperatives;
(c) business purchasing cooperatives;
(d) workers' productive cooperatives;
(e) financial cooperatives (such as the credit union, mutual savings bank, savings and loan association, and production credit association);
(f) insurance cooperatives;
(g) labor unions; (h) trade associations; and
(i) self-help cooperatives.
The required form for a cooperative may differ in different states; e.g. unincorporated association, cooperative association, nonprofit corporation.
See also consumer's cooperative

Black's law dictionary. . 1990.

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