What is it?

Cooperatives usually operate as corporations but can also be limited liability companies (LLCs) or non-profits. Unlike typical corporations that return profits to investors, co-ops are businesses that operate at cost returning profit back to the members who use the cooperative.

Registering a business and undergoing incorporation requires payment of a registration fee to ASIC. The costs are: ... $474 for special purpose companies (public).

The purpose of a cooperative is to realize the economic, cultural and social needs of the organization's members and its surrounding community. Cooperatives often have a strong commitment to their community and a focus on strengthening the community they exist in or serve.

The most common legal risks for co-op businesses are torts which are a legal obligation resulting when you or your business causes harm to someone - hence insurance is a major consideration.

General rules for success include effective use of advisers and committees, keeping members informed and involved, maintaining good board/manager relations, following

The most common business registrations are:

• Australian business number (ABN)
• tax file number (TFN)
• pay as you go (PAYG) withholding
• fringe benefits tax (FBT)
• goods and services tax (GST)

See https://business.vic.gov.au/business-information/start-a-business/licences-and-registrations

Access the Australian Business Register (ABR) to apply for them.

sound business practices, conducting businesslike meetings, and forging links with other cooperatives.

See https://www.manitoba.ca/jec/busdev/coop/pdf/rib02s00.pdf

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