Cooperatives are created when people come together to form a business to meet their common needs. The defining characteristics of the model are shared ownership and control by the people who benefit from the goods, services, or employment that the business provides:
- Members collectively own the assets of the cooperative and share responsibility for advancing its mission.
- Members participate in democratic decision-making processes to guide the business.
- Cooperatives exist to serve their members and profits are shared equitably among them.
Cooperatives express their unique identity through seven internationally recognized principles , which include open membership, democratic decision-making, and the sustainable development of their communities.
