The main differences between Cooperative Organisation and Company Organisation are given below:
1. Governing statute: A company is governed by the Companies Act, 1956 while a co-operative organisation is subject to the provisions of the Cooperative Societies Act, 1912 or State Cooperative Societies Acts.
2. Basic objects: The primary objective of a cooperative society is to provide service, whereas a company seeks to earn profits. This does not mean that a cooperative society does not earn profits or a company does not render service to society. It simply means that all the activities of a cooperative society are guided by service motive and profits are incidental to this objective. On the other hand, the activities of a company are inspired by profit taking and services rendered to society are incidental to profit motive.
3. Number of members: The minimum number of persons is 7 in a public company and 2 in a private company. A cooperative requires at least 10 members. The maximum number of members is 50 in a private company and 100 in cooperative credit society. There is no maximum limit in case of public companies and non-credit cooperative societies.
4. Member's liability: The liability of members of a company is generally limited to the face value of shares held or the amount of guarantee given by them through the Companies Act permits unlimited liability to companies. The members of a cooperative society can opt for unlimited liability. But in practice their liability is generally limited.
5. Management and control: The management of a cooperative society is democratic as each member has one vote and there is no system of proxy. In a company, the number of votes depends upon the number of shares and proxies held by a member. There is little separation between ownership and management in a cooperative society due to limited and local membership.
6. Distribution of surplus: The profits of a company are distributed as dividends in proportion to the capital contributed by the members. In a cooperative society a minimum part of surplus must be set aside as a reserve and for the general welfare of the public. The rest is distributed in accordance with the patronage provided by different members after paying dividend up to 10 per cent on capital.
7. Share capital: In a company, one member can buy any number of shares but an individual cannot buy more than 10 per cent of the total number of shares or shares worth Rs.1,000 of a cooperative society. A public company must offer new shares to the existing members while a cooperative society issues new shares generally to increase its membership. The subscription list of a cooperative society is kept open for new members whereas, the subscription list of a company is closed after subscriptions. A company is thus capitalistic in nature while a cooperative society is socialistic.
8. Transferability of interest: The shares of a public limited company are freely transferable while the shares of cooperative society cannot be transferred but can be returned to the society in case a member wants to withdraw his membership. A member of a cooperative society can withdraw his capital by giving a notice to the society. A shareholder, on the other hand, cannot demand back his capital from the company until it's winding up.

1. Regulating law: A partnership is governed by the provisions of the Indian Partnership Act, 1932.AJoint Hindu Family business is governed by the principles of Hindu law.
2. Mode of creation: A partnership arises out of a contract, whereas a Joint Hindu family business arises by the operation of law and is not the result of a contract.
3. Admission of new members: In a partnership, no new partner is admitted without the consent of all the partners, while in the case of a Joint Hindu family firm a new member is admitted just by birth.
4. The position of females: In a partnership, women can be full-fledged partners, while in a Joint Hindu family business membership is restricted to male members only. After the passage of the Hindu Succession Act, 1956, females get only cosharer's interest at the death of a coparcener and they do not become coparceners themselves.
5. Number of members: In partnership, the maximum limit of partners is 10 for banking business and 20 for any other business but there is no such maximum limit of members in the case of Joint Hindu Family business.
6. Authority of members: In partnership, each partner has an implied authority to bind his co-partners by act done in the ordinary course of the business, there being mutual agency between various partners.
In a joint family business all the powers are vested in the 'Karta' and he is the only representative of the family who can contract debts or bind his coparceners by acts done in the ordinary course of business, there being no mutual agency between various coparceners.
7. Liability of members: In partnership, the liability of the partners is joint and several as well as unlimited. In other words, each partner is personally and jointly liable to an unlimited extent and if partnership liabilities cannot be fully discharged. Out of the partnership property each partner's separate personal property is liable for the debts of the firm. In a Joint Hindu family business only the 'Karta' is personally liable to an unlimited extent, i.e., his self-acquired or other separate property besides his share in the joint family property is liable, for debts contracted on behalf of the family business. Other coparceners' liability is limited to the extent of their interest in the joint family property and they do not incur any personal liability.
8. Right of members to share in profits: In a partnership, each partner is entitled to claim his separate share of profits but a member of a Joint Hindu family business has no such right. His only remedy lies in a suit for partition.

Stages in the formation of a company: The formation of a company involves the following four stages:
1. Promotion,
2. Incorporation,
3. Subscription of capital,
4. Commencement of business.
These four stages are relevant for formation of a public limited company. For a private limited company, only the first two stages are needed.
(i) Promotion: Promotion stage includes all the steps right from the identification of a business opportunity till the company is formed. All the tasks during the stage of promotion are performed by a promoter.
(ii) Incorporation of the company: It means registration of the company under Companies Act, 1956. This second stage involves the following steps:
1. Filing of documents: An application to the registrar for incorporation must
(i) Memorandum of Association.
(ii) Articles of Association or statement in lieu of the prospectus (in case table A is adopted by Public Limited Company).
(iii) Written consent of proposed directors.
(iv) Agreement (if any) with proposed managing director, manager, etc.
(v) Copy of registrar's letter approving the company's name.
(vi) Statutory declaration.
(vii) Notice of the exact address of the registered office
2. Payment of fees: Along with the above documents, necessary fees is to be paid.
3. Certificate of Incorporation: The registrar issues a certificate of incorporation after being satisfied. Certificate is a conclusive evidence of regularity of incorporation of a company irrespective of any deficiency in its registration.
(iii) Capital subscription: In the stage, following steps are required to be followed by public company to raise funds from the public:
1. SEBI approval;
2. Filling of prospectus or statement in lieu of prospectus;
3. Appointment of bankers, brokers and underwriters;
4. Minimum subscription;
5. Application to stock exchange.
(iv) Commencement of business: In this stage, public company makes an application (along with some documents) to registrar for issue of "Certificate of Commencement of Business". The registrar issues the certificate after being satisfied. The company can start its business activities from the date of issue of the certificate.

Partnership is a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses. The partnership was evolved to overcome the shortcomings of sole proprietorship and Joint Hindu Family business.
Features:
(i) Two or more persons: There must be at least two persons to form a partnership. The maximum number of persons is 10 in banking business and 20 in non-banking business.
(ii) Agreement: It is an outcome of an agreement among partners which may be oral or in writing.
(iii) Lawful business: It can be formed only for the purpose of carrying on some lawful business.
(iv) Decision making and control: Every partner has a right to participate in management and decision making of the organization.
(v) Unlimited liability: Partners have unlimited liability.
(vi) Mutual agency: Every partner is an implied agent of the other partners and of the firm. Every partner is liable for acts performed by other partners on behalf of the firm.
(vii)Lack of continuity: Firms' existence is affected by the death, lunacy and insolvency of any of its partner. It suffers from lack of continuity.
Merits:
(i) Ease of formation and closure: It can be easily formed. Only an agreement among the partners is required.
(ii) Larger financial resources: There are more funds as capital is contributed by number of partners.
(iii) Balanced decisions: As decisions are taken jointly by partners after consulting each other.
(iv) Sharing of risks: In it, risk gets distributed among partners which reduces anxiety, burden and stress on individual partner.
(v) Secrecy: Secrecy can be easily maintained about business affairs as they are not required to publish their accounts or to file any report to the government.
Limitations:
(i) Limited resources: There is a restriction on the number of partners and hence capital contributed by them is also limited.
(ii) Unlimited liability: The liability of partners is unlimited and they are liable individually as well as jointly. It may prove to be a big drawback for those partners who have greater personal wealth. They will have to repay the entire debt in case the other partners are unable to do so.
(iii) Lack of continuity: Partnership comes to an end with the death, retirement, insolvency or lunacy of any of its partners.
(iv) Lack of public confidence: Partnership firms are not required to publish their reports and accounts. Thus they lack public confidence.

Different types of partners are given below:
1. General/Active Partner: Such a partner takes active part in the management of the firm.
2. Sleeping of Dormant Partner: Although he does not take active part in the management of the firm, he invests money, shares profit and loss, has unlimited liability.
3. Secret Partner: He participates in business secretly without disclosing his association with the firm to general public. His liability is also unlimited.
4. Nominal Partner: Such a partner only gives his name and goodwill to the firm. He neither invests money nor takes profit. But his liability is unlimited.
5. Partner by Estoppels: He is the one who by his words or conduct gives impression to the outside world that he is a partner of the firm whereas actually he is not. His liability is unlimited towards the third party who has entered into dealing with firm on the basis of his pretension.
6. Partner by Holding out: He is the one who is falsely declared partner of the firm whereas actually he is not. And even after becoming aware of it, he does not deny it. His liability is unlimited towards the party who has dealt it with firm on the basis of this declaration.

It is important to choose an appropriate form of organization as it will determine:
1. Extent of control;
2. Extent of liability;
3. Availability of resources;
4. Legal formalities.
All these in turn will determine profits of the business.
Different types of cooperative societies are explained below:
1. Producer's cooperative societies: The producer's cooperatives are established by the small producers. The members of the society produce goods in their houses or at common place. The raw materials, tools, money, etc. are provided to them by the society. The output is collected by the society and sold in the market at the wholesale rate. The profit is distributed among the members in proportion to the goods supplied by each member.
2. Consumer's cooperative societies: Consumer's cooperative societies are established to remove middlemen from the field of trade. These societies purchase foods at the wholesale prices and sell these goods to the members at cheaper rates than the market prices. However, the goods are sold to the non-members at the market rates. The profit, if any, is distributed among the members in the shape of bonus according to their purchase ratio.
3. Marketing cooperative societies: The marketing cooperative societies are formed by the small producers for the promotion of trade. The two main objectives of these societies are, to sell the good at reasonable prices by eliminating middlemen and to make there ready for the product of the member. These types of societies are formed by the small agriculturalist and artisans. These societies collect the products of its members and make its grading and keep them in warehouses and sell them in the market at whole sale rate when the market is ready for these products. The profit is distributed among the members according to the ratio of goods supplied by them.
4. Credit cooperative societies: These cooperative societies are formed for the financial help of the members. These societies provide loans to the members at low rate of interest. In rural areas these provide loans to the farmers for the purchase of seeds, fertilizers and cattle. In urban areas these societies provide loan to its members for the purchase of raw materials and tools.
5. Farming cooperative societies: These societies are formed by the small agriculturalist to get the benefits of large scale farming. These societies provide help to the farmer for the improve method of cultivations by providing large scale farming tools such as tractors, threshers and harvesters, etc.
6. Housing cooperative societies: These societies are formed for the procurement of land for the construction of houses on a homogeneous basis. These societies are formed by those members who are intended to construct their own home. These societies provide loan to the members for the construction of houses. These also purchase construction materials in bulk and provide this material to its member at cheaper rates.

Partnership is considered by some to be relatively unpopular form of business ownership because:
(i) Uncertainty of duration: A partnership suffers from a possible limited span of life. Legally, a partnership firm must be dissolved on the retirement, death, bankruptcy, or lunacy of any partner or demanded by any partner. The probability of anyone of these events occurring when the number of partners is much greater than in the case of a sole proprietor.
(ii) Risks of additional liability: It is true that like the sole proprietor, each partner has unlimited liability. But his liability may arise not only from his own acts but also from the acts and mistakes of co-partners over whom he has no control.
(iii) Lack of harmony: The old saying that "too many cooks spoil the broth" can be apt for a business partnership. Harmony may be difficult to achieve, especially when there are many partners. Lack of centralized authority and conflicts in policy can disrupt the organization.
(iv) Difficulty in withdrawing investment: Investment in a partnership can be simple, but its withdrawal may be difficult or costly when this aspect is considered from the point of view of individual partners. This is so because no partner can withdraw his interest from the firm without the consent of all partners.
(v) Lack of public confidence: A partnership may suffer from lack of public confidence because, like that of a company there is no legal mechanism to enforce the registration of a partnership firm and the disclosure of its affairs.
(vi) Limited resources: A partnership is good as it can be started with limited capital. However, it becomes a handicap in the growth and expansion phases of the business. There is a limit beyond which it is almost impossible for partners to collect capital. This limit is generally up to the personal properties of the partners.
(vii) Unlimited liability: Unlimited liability discourages partners to undertake risky ventures, and therefore, their risk-taking initiative is very risky.
Merits of Partnership
1. It is easy to set up.
2. It has more capital, which can be brought into the business.
3. Partners brings new skills and ideas to a business.
4. Decision-making can be much easier with more brains to think about a problem.
5. Partners share responsibilities and duties of the business.
6. Division of labour is possible as partners may have different skills.
Limitations of Partnership
1. There is an unlimited liability: All the partners are responsible for the debts of the firm and if the business goes bankrupt, all the partners will have to clear the debts even if they have to sell off their personal belongings.
2. Disagreement among the partners can lead to problems for the business.
3. There is a limit to the capital invested. Because of the fact that maximum 20 members are allowed, the business may find it difficult to expand after a certain limit.
4. There is no continuity of existence. Partnership is dissolved if one of the partners die or resigns or becomes bankrupt.