Distinguish Between
Co-operative Society and Partnership Firm
HSC Board – Organization of Commerce and Management – Notes, & Distinguish Between Co-operative Society and Partnership Firm, difference between, study notes, studies material, studies notes – according to the New Textbook
| Sr. No | Basis Difference | Co-operative Society | Partnership Firm |
| 1. | Meaning | A Co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interest. | Two or More persons come together for partnership firm |
| 2. | Motive | Main motto of a co-operative society is to provide services to members and secondary profit making | Main Motto to earn profit |
| 3. | Membership | Minimum of 10 members are required and no mix mum limit for the formation of co-operative society | There can be a minimum of 2 partners and a maximum of 10 partners in banking business and 20 in non-banking business. |
| 4. | Transfer ability of shares | Shares can be transfer in favor of the society at any time | No partner can transfer his share in favour of others without the consent of other partners. |
| 5. | Legal Status | Co-operative society enjoys an independent legal status different form its members. | Partnership firm does not enjoy an independent legal status. Legally there is no difference between the partnership firm and its partners |
| 6. | Act | Co-operative society is governed under Co-operative society Act, 1912. | Partnership is controlled under Indian Partnership Act, 1932. |
| 7. | Liability | The Liability of every member in a co-operative society is limited. | The liability of partners is unlimited. It is joint as well as several |
the document provided has many errors in term of mixed word that make difficult to read