Business People Co Op Living Owned Common Work Condo

A "cooperative," or "co-op," is any business or organization that is owned and operated by the people who use it. This podcast talked about housing co-ops, where the people who live in the building share the expenses and responsibilities of living there. For example, they might take turns cooking, cleaning, fixing the house, mowing the "lawn" (grass), and doing other things. Two other common types of co-ops are agricultural co-ops and business co-ops.

An "agricultural co-op" is an organization where farmers share their "resources" (money, time, etc.). They work together to buy their "supplies" (the things they need to farm, like seeds and tools) and then market, sell, and distribute the things that they grow.

A "business co-op" is a business that is owned by the people who use its services. One common type of business co-op is a "credit union," which is like a bank, but people who wish to use its services must qualify as members. Sometimes a credit union member can be anyone who works for the state government, or anyone who lives in a certain area. Another common type of business co-op is a "food co-op," or a grocery store where the people who shop there are also the owners, and they work to make the store successful.

Sometimes business co-ops are formed when a regular business is going "bankrupt," meaning that it doesn't have enough money to pay its expenses. When that happens, the owner tries to sell the business. If the employees decide that they want to buy the business, it becomes a co-op, because it is owned and operated by the people who work there.