An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. The legal structure of cooperative can function as a separate legal person that owns property, takes out loans and benefits its members.

Cooperatives adhere to a set of values, including self-help, self-responsibility, democracy, equality, equity, solidarity, honesty, openness, social responsibility and caring for others. Accordingly, cooperatives operationalize seven basic principles:

Principle 1: Voluntary and open membership

Principle 2: Democratic member control

Principle 3: Member economic participation

Principle 4: Autonomy and independence

Principle 5: Education, training and information

Principle 6: Cooperation among cooperatives

Principle 7: Concern for community.[1]