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Give five distinguishing features between cooperative societies and partnership

Give five distinguishing features between cooperative societies and partnership

Answers

Joel
1.Cooperative society is a voluntary association people who can together to protect and promote their common economic interest. whereas in partnership, is the relationship between persons who have agreed to share the profits of a business carried by them. in partnership firm persons having different abilities, skills, talents, and expertise join together to run a business.
2. In cooperative, the main objective is to provide services to the members while in partnership the main objective is to earn a profit.
3. In cooperative shares are transferred in favor of society. whereas in partnership, partners cannot transfer share in favor of others.
4. In partnership 2 partners and minimum of 20 partners can be there in partnership firm.whereas in cooperative, they need minimum of 10 members who are required and there is no limit on maximum number.
5.In cooperative society, members enjoys an independent legal status different form its members whereas, in partnership, firm does not enjoy an independent legal status.
Mabongajoel answered the question on August 4, 2018 at 13:43

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