Distinguish Between – Co-operative Society and Partnership Firm

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. NoBasis DifferenceCo-operative SocietyPartnership Firm
1.MeaningA 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.MotiveMain motto of a co-operative society  is to provide services to members and secondary profit makingMain Motto to earn profit
3.MembershipMinimum of 10 members are required and no mix mum limit for the formation of co-operative societyThere 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 sharesShares can be transfer in favor of the society at any timeNo partner can transfer his share in favour of others without the consent of other partners.
5.Legal StatusCo-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.ActCo-operative society is governed under Co-operative society Act, 1912.Partnership is controlled under Indian Partnership Act, 1932.
7.LiabilityThe Liability of every member in a co-operative society is limited.The liability of partners is unlimited. It is joint as well as several

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