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A number of people of limited income voluntarily associate with each other to set up a democratically managed business, endeavoring to achieve some common economic objective, provide the necessary capital for the business and agree to share among themselves the profits and losses of the business on an equitable basis. Cooperatives say.


According to the Bangladesh Cooperatives Department, "A business organization registered under the Cooperative Act is formed and managed by a group of persons belonging to the same class or profession with the help of each other for their financial and social betterment.


A co-operative society is organized as an artificial and separate entity under the Co-operative Societies Act and the Co-operative Societies Rules on unlimited or limited liability basis, having its own common seal, known by its own name. Society can file suit against others in its own name and can file suit against it in other's name. Cooperative Societies in Bangladesh are regulated under the Cooperative Societies Act, 2001 (amended in 2002 and 2013) and the Cooperative Societies Rules, 2004.


Principles of Cooperatives: 07 Principles of Cooperatives recognized by International Cooperative Alliance or ICA are followed:


01) Spontaneous and unrestricted membership;

02) Democratic participation of members;

03) Member's financial participation;

04) Autonomy and Independence;

05) education, training and information;

06) Inter-cooperative cooperation and

07) Social commitment.