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Some manufactured home communities have been purchased collectively by the homeowners and operated as cooperatives.
What are cooperatives?
Cooperatives are "an independent group of persons united voluntarily to achieve their common economic, social, and cultural needs and ambitions through a jointly owned and democratically controlled firm," according to the definition of a cooperative. The board of directors of cooperatives is elected democratically by the members, with each member having one vote.
Cooperatives may consist of:
- businesses that are owned and run by the customers that use their products or services (a consumer cooperative)
- firms that aggregate producer output for everyone's advantage (a producer cooperative)
- organizations that are run by their staff (a worker cooperative)
- enterprises where customers combine their buying power (a purchasing cooperative)
- cooperatives with multiple stakeholders or hybrid models that distribute ownership across various stakeholder groups. As an illustration, consider care cooperatives where ownership is shared by both caretakers and recipients. Nonprofit organizations or investors may also be considered stakeholders.
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