Question

Distinguish between the Partnership and Co-operative society

Answer 1

Sr. No	Basis	Co-operative Society	Partnership Firm
1.	Meaning	It is a voluntary association of individuals which is formed for providing services to its members.	Partnership is the relation between the persons who have agreed to share the profits of a business carried on by all or any one of them acting for all.
2.	Objective	The main object of co-operative society is to provide services to its members	The main object of Partnership firm is to earn profit.
3.	No. of members	Minimum 10 members are required to establish co-operative society, no maximum limit.	Minimum 2 members are required. For banking business maximum 10 members and for non-banking business maximum 20 members are required.
4.	Legal status	Co-operative society enjoys an independent legal status different from its members .	Partnership Firm does not enjoy an independent legal status from its members.
5.	Transferability of shares	Shares can be transferred by the members.	No partner can transfer his share without consent of members