cooperative[kō äp′ər ə tiv, -ər āt′iv]
- An easy-going person who does what you need and pitches in is an example of someone who is cooperative.
- When two people work together to achieve something, this is an example of a cooperative effort.
- cooperating or inclined to cooperate
- designating or of an organization (as for the production or marketing of goods), an apartment house, store, etc. owned by and operated for the benefit of members who use its facilities or services
- Done in cooperation with others: a cooperative effort.
- Marked by willingness to cooperate; compliant: a cooperative patient.
- Of, relating to, or formed as an enterprise or organization jointly owned or managed by those who use its facilities or services: a cooperative department store; cooperative apartment buildings.
- An enterprise or organization that is owned or managed jointly by those who use its facilities or services.
- a. A building or complex in which the residents buy shares of stock in a building corporation and are given a lease to a specific apartment.b. An apartment in such a building or complex.
(comparative more cooperative, superlative most cooperative)
- Ready to work with another person or in a team; ready to cooperate.
- Relating to a cooperative or cooperatives
cooperative - Investment & Finance Definition
A form of housing in which residents form a corporation for the purpose of owning and managing a multi-unit property collectively. Instead of owning an individual apartment, residents legally own a set number of shares in the coop that gives them the right to use the apartment. If a resident wants to move, those shares are sold to another buyer who then moves into the apartment. Owners pay a maintenance fee each month that covers the expense of utilities, an underlying mortgage on the building, salaries for staff members, and other costs of upkeep. The maintenance fee may also cover a reserve fund, which is a savings account that can be drawn on in the event that an expensive repair needs to be made. As a result of part of the maintenance payment going to pay for a mortgage, some of the monthly maintenance payment, often half, may be deducted from income taxes on Schedule A of the Form 1040.
Typically, coop owners hold an annual meeting at which owners elect members to the board of directors and vote on any other coop issues. Although coops are a typical form of housing in New York City, with over 80 percent of the housing stock comprised of coops, they are a relatively rare phenomenon in other parts of the United States.
cooperative - Legal Definition
- An organization or business enterprise, organized as either an association (cooperative association) or corporation (cooperative corporation), owned by those who use its services. All profits are shared amongst the cooperative’s members in proportion to the money or labor each member contributed.
- A dwelling owned by a cooperative whose members lease their apartments or living quarters from the cooperative. See also condominium.