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

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.

  • Do I need a Company Secretary?

    A limited liability company (LLC) must have a company secretary.

  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What is SON?

    SON stands for ‘Standards Organization of Nigeria’

  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.

  • When registered, how long does a patent last for?

    Once granted, a patent is valid for 20 years.

  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.

  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

Call Us Now on +234 901 719 0079 Whatsapp icon Chat on WhatsApp