What is a Co-op?
A co-op is a business owned by its members, who share the profits or benefits.
The International Cooperative Alliance defines a cooperative as “an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise."
The Seven Cooperative Principles
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The Seven Cooperative Principles *
1. Voluntary
and Open Membership
Co-ops are voluntary organizations, open to all persons able to use their services and willing to accept responsibilities of ownership, without discrimination.
2. Democratic Member Control
Co-ops are democratic organizations controlled by their owners, who actively participate in setting their policies and making decisions. Every owner account receives one vote in co-op elections.
3. Members' Economic Participation
Owners contribute equitably to, and democratically control, the capital of their co-op.
4. Autonomy and Independence
Co-ops are autonomous, self-help organizations controlled by their owners.
5. Education, Training and Information
Cooperatives educate and train members, elected representatives, managers, and employees so they can contribute effectively to the cooperative's development. Members also inform the general public about the cooperative's nature and benefits.
6. Cooperation Among Cooperatives
Co-ops serve their owners most effectively and strengthen the Cooperative Movement by working together through local, national, regional and international structures.
7. Concern for Community
Co-ops work for the sustainable development of their communities through policies approved by their owners.