What is a cooperative?
Co-ops are an everyday part of American Life. Wherever you live, work, or shop, it’s likely a cooperative is involved. A cooperative is a business organized, owned, and controlled by the people who use its products or services. Co-ops operate to serve the needs of their owner-members–the people who patronize the business. A cooperative is similar to owning a single family home without the responsibilities of homeownership.
What do you own as a co-op member?
As a member, you own a cooperative interest which is the combination of two things:
- The member’s ownership interest in the cooperative corporation
- An exclusive right to occupy a particular dwelling unit that is owned by the cooperative corporation.