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North Dakota law defines a cooperative as "an association..." incorporated by five or more adults, one of which must be a North Dakota resident. A cooperative is a business like any other business, but in some ways very unique.
A cooperative, often called a co-op, is any association of members of a similar profession or industry that work together to process, prepare, market, handle products and supplies.
The purpose of a cooperative is to realize the economic, cultural and social needs of the organization's members and its surrounding community. Cooperatives often have a strong commitment to their community and a focus on strengthening the community they exist in or serve.
A service cooperative is formed by persons engaged in the same profession to deal with the common troubles they are encountering for the secure profession. This formation is based on economical basis, self-help and mutual help among the members for own members' benefits.
Types of Cooperatives Producer / Marketing Cooperatives. Consumer Cooperatives. Worker Cooperatives. Housing Cooperatives. Financial Cooperatives. New Generation Cooperatives. Multi-Stakeholder Cooperatives. Non-profit Community Service Cooperatives.