Part of the Cooperative v. Corporation series by Manzanares & Partners Law Offices, supported by The Co-operative Register, The Co-operative Knowledgebase, The New Co-operator, and Domain Name Register, Inc. To support or contribute to this series, kindly message us thru our contact page. Thank you.
A cooperative is an autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable contributions to the capital required, patronizing their products and services and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles. (Cooperative Code, Art. 3. General Concepts)
A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence. (Corporation Code, Sec. 2. Corporation defined)