- A cooperative (or co-op) is a business operated and democratically controlled by its membership of Owners to meet their common needs and aspirations. Co-ops are guided by the seven principles.
- Cooperatives operate according to seven basic principles. Six were drafted by the International Cooperative Alliance (ICA) in 1966, based on guidelines written by the founders of the modern cooperative movement in England in 1844. In 1995, the ICA restated, expanded and adopted the 1966 principles to guide cooperative organizations into the 21st Century.
Source: Willy Street Co-op