What are the benefits of a co-operative Society?

What are the benefits of a co-operative Society?

September 17, 2019

 

  1. Savings

A co-operative society helps you save better. Savings either in the bank or through other mediums may not be as effective as you want it to be because of the provision of ATM cards and other accessible mediums of collecting money.  However a cooperative is so regimented that once you save you cannot withdraw your money except you are terminating your membership.

  1. Credits

Co-operative Societies help you access credit/ loan facilities with zero or little interest rate and with no stringent requirements needed for a person to access such credit facilities. The only requirement would be that you are a member of the co-operative society.

  1. Networking

Cooperative societies give you the platform to network. With a co-operative society that has members of about 200 -300 or more; it means that whatever it is you are doing as an individual, you can showcase such products with the members of the cooperative. Meaning you can network.

  1. Dividend.

There is always dividends that is paid which a lay man will call returns on investment. That simply means that when you have saved for a year, the cooperative is bound to share what we call surplus to its members depending on what you have saved.

  1. Acquisition

In the area of acquisition of properties, co-operatives come in handy to assist such process in ease of payments. Such is one of the benefits attached to being a member.

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

 

 

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.
  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • What are the benefits of Registering with SON?
    1. Product traceability in the Nigerian market
    2. Detection of counterfeit products
    3. Barriers to the circulation of substandard goods
    4. The official SON Product Registration Logo and number are displayed on registered products.
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • What is the importance of registering a patent?

    The main reason to register a patent is to ensure that the inventor is able to exclusively commercially exploit an invention. The rights to a patent are vested in the “Statutory Inventor” i.e. the first person to file and register the patent.
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • Who can be directors in my company?

    Any two adults can be directors in a company.
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp