What defines a cooperative?

A cooperative is defined as a group of individuals who come together to meet their common economic, social, and cultural needs through a jointly-owned and democratically-controlled enterprise. This definition emphasizes the democratic nature of cooperatives, where members have an equal say in decisions, regardless of their investment or ownership stake. Members work collectively to achieve goals that may be challenging to accomplish individually, such as reducing costs, improving quality, or enhancing community resources.

The other options focus on different business forms. A sole proprietorship is managed by one person; a partnership is oriented towards profit-making; and a corporate entity is structured around shareholders, which does not encapsulate the collaborative essence of a cooperative. Thus, the option highlighting a group aiming to achieve common goals accurately captures the fundamental principle of cooperatives.