State three merits of cooperative society.

Explanation

Advantages:
1. Easy formation:
To form a cooperative what is required is to find 10 like-minded adults few documents, small formalities and nominal expenses on formation.
2. Limited liability:
The liability of the members of a co-operative society is generally limited to the proportion of their capital contributions mentioned in the by-laws.
3.Uninterrupted life:
A co-operative society enjoys perpetual existence. The death, retirement, insolvency, or
lunacy of a member does not bring the society to a close.