A cooperative or co-op is a limited-liability business that can arrange as for-profit or not-for-profit. A cooperative differs from an organization in that it has members, not shareholders, and they share decision-making authority. Cooperatives are sometimes classified as both consumer cooperatives or employee cooperatives. Cooperatives are elementary to the ideology of economic democracy. Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for money owed incurred by the business.
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