What does COS mean in INTERNATIONAL BUSINESS

A Co-Operative Society (or COS) is an organisation made up of members who join together to work for the benefit of their community. It is typically owned and managed by its members, who then share in the profits or surplus from the society's activities.

Becoming a member of a COS usually requires you to provide your personal details, such as name, address, contact information and payment details. Depending on the requirements of each specific society, you will need to pay an entrance fee and/or annual membership fees.

A COS works through pooled resources and labor. The members of a COS contribute their money and time for activities that are beneficial for them and their communities. The co-operative's activities are generally decided upon by its members during regularly held meetings.

COSs generally provide services related to financial planning and saving schemes, ethical investment opportunities, loan facilities, utility bills payments and insurance coverages. They may also offer retail services like grocery stores or medical centres within their communities.

Yes, there are several different types of co-operative societies ranging from consumer co-operatives which are open to all citizens to worker co-operatives which are only available to staff members. There are also agricultural co­‐operatives as well as housing co‑ops which focus on providing affordable housing options for their members.

A major advantage of COSs over banks or other financial institutions is that they operate based on democratic principles rather than increased profits or dividends for shareholders. This allows them to be more closely aligned with the interests of local communities where they operate rather than large corporate entities.

Generally speaking, the management team for any given COS consists either entirely or primarily of elected representatives from among its own members. This ensures that decisions made by the society are reflective and accountable to those it serves.

Just like any democratic governing body, representatives elected from within the ranks must use voting methods when making important decisions about how to proceed with matters pertaining to general welfare or policy updates affecting all members equally.