Overview of Co-ops
A co-op is a form of organization combining partnership and cooperation. Individuals or businesses collaborate, share resources, skills, responsibilities, and co-create towards a common goal. Co-ops take various forms across sectors like agriculture, housing, consumer goods. The idea is to unite individuals with similar needs or goals and provide a platform to work together towards fulfilling those. Members work interdependently, leveraging each other’s strengths and abilities.
Agricultural Co-ops
An agricultural co-op pools farmers’ resources in certain activities. It is often too expensive for individual farmers to manufacture products or undertake a service alone. A co-op allows them to work together towards those goals.
Housing Co-ops
In a housing co-op, buyers own shares in the corporation that owns the physical property, along with a proprietary lease allowing them to live in the apartment tied to those shares. Monthly maintenance fees are paid to the managing agent. Co-op boards, comprised of resident members, decide on policies and operations.
Community Benefits of Co-ops
Co-ops serve members and benefit communities by keeping dollars local. Profits get invested back into the co-op and its mission, returned to members, or used to pay living wages and support local farmers and suppliers. Co-ops are independent, democratic, and controlled by members.