cooperative corporation

An entity that has a corporate existence, but is primarily organized for the purpose of providing services and profits to its members and not for corporate profit.

• The most common kind of cooperative corporation is formed to purchase real property, such as an apartment building, so that its shareholders may lease the apartments. See COOPERATIVE(1). [Cases: Landlord and Tenant 350. C.J.S. Landlord and Tenant § 792.21.]

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