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My word lists. First Known Use of coop Noun 1 14th century, in the meaning defined at sense 1 Verb , in the meaning defined at sense 1 Noun 2 , in the meaning defined above. Learn More About coop. Time Traveler for coop The first known use of coop was in the 14th century See more words from the same century. Phrases Related to coop coop up fly the coop. Style: MLA. More Definitions for coop.
English Language Learners Definition of coop Entry 1 of 2. Kids Definition of coop Entry 1 of 2. Kids Definition of coop Entry 2 of 2. Get Word of the Day daily email! To an outsider, a cooperative might look very similar to any other type of corporation. For example, if you were to visit a grocery store cooperative, it is very likely that it will look like any other grocery store.
There will be aisles full of food and checkout registers where people can make their purchases. For another thing, some cooperatives limit who can shop there or use their services. In some cases, only members of a cooperative can shop at it. Some cooperatives are open to all, but provide special incentives to members, such as a discount on products or services.
Why are people who are members of a food co-op willing to volunteer or donate their time to work at the co-op? In part because of the community focus of a cooperative and the values behind co-ops. Among those values are:. People who join cooperatives or who are among the founding members of a co-op often have the same shared values, meaning they are willing to work together towards a common goal. One of those goals is to create a better world by working together and by shifting the focus of the business to place people over profit to build a more inclusive economy.
The people who benefit from the products or services of a cooperative business own the cooperative business. In the case of a grocery co-op, the people who shop at the store are owner-members. In the case of co-op housing, the people who live in a particular building are members of the cooperative that owns the building. Just as the stockholders or shareholders of a business have a say in how the business is owned and operated, the member-owners of a co-op have a say in how the cooperative is run.
The crucial difference is that in the case of other types of corporations, how much of a say or how much control an owner has over the company is determined by how large their ownership stake is. As equity and equality are among the founding principles of a cooperative, each member-owner of a co-op gets one vote.
The opinion of one co-op member does not have more weight than the opinion of another co-op member. Cooperatives often elect a board of directors. The responsibilities of the board of a co-op include ensuring that the cooperative is working towards achieving its mission, setting up operational policies for the co-op and hiring any outside managers or other employees.
They are typically elected to the board by a member vote. Some board members also serve as officers, such as president, vice president, secretary and treasurer.
Board officers have additional responsibilities and duties, which are usually described and outlined in the by-laws of the cooperative. Add it HERE! Still can't find the acronym definition you were looking for?
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