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Formation of a credit co-operative society is simpler than any other business organisations. Any ten or more adults can join together to form the society and even registration is simple and easy. Not much legal formalities are required to maintain for its formation.
2. Limited liability
Mostly, the liability of members is limited to the extent of capital contributed to the society by the respective members. This way, if the society suffers financial loss, the members don’t have to bear the fear of losing their private property.
3. No membership obstruction
Unless particularly debarred, the membership of such society is open for everyone. There is no obstruction on the basis of colour, caste, creed, sex or religion. Any person can anytime, join the society and become the member.
4. Economic operations
In a credit co-operative society, there is an elimination of the middlemen which is why the operations carried out by the society are economical. At minimum cost, the middlemen’s services are provided by the members of the society. Also, the recurring and nonrecurring expenses are also very less.
5. Democratic management
A credit co-operative society is exclusively managed by elected members among themselves. All of them have equal rights in all the manners and they can also take part actively in the formation or amendments of the society policies. This way, all the members are equally important to the credit co-operative society.
6. The main motive of service
Members are provided with the best financial services at reasonable prices. The society also caters financial help to their members at minimal rates. They help their members set up the production units. For example, they help their farmer members for their agricultural products.
This is how a credit co-operative society is beneficial over a private firm.
