Concept
What are the main features of corporations and cooperatives?
IntroductionToBusiness OP 8D04gAa / Glossary
"Buyer cooperative: A group of cooperative members who unite for combined purchasing power. C corporation: A conventional or basic form of corporate organization. Cooperative corporation: A legal entity typically formed by people with similar interests, such as suppliers or customers, to reduce costs and gain economic power. A cooperative has limited liability, an unlimited life span, an elected board of directors, and an administrative staff; all profits are distributed to the member-owners in proportion to their contributions. Corporation: A legal entity with an existence and life separate from its owners, who are not personally liable for the entity’s debts. A corporation is chartered by the state in which it is formed and can own property, enter into contracts, sue and be sued, and engage in business operations under the terms of its charter."
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