| Co-operative Society | Partnership Firm |
| (1) Meaning | Co-operative Society is a voluntary association of individuals which is formed for providing services to its members. | Partnership firm is formed by two or more persons to do business and share profits. |
| (2) Number of Members | Minimum ten persons and maximum no limit. | Minimum two persons and maximum fifty persons. |
| (3) Registration | It is compulsory. | It is not compulsory in India, but compulsory is Maharashtra. |
| (4) Liability | Liability of members is limited upto the extent of unpaid amount on shares held by them. | Liability of partners is unlimited, joint and several. |
| (5) Secrecy | It is not possible to maintain secrecy in a Cooperative Society. | It is possible to maintain secrecy to some extent in the firm. |
| (6) Management | Managing Committee manages the society according to its bye-laws. | All partners are involved in the management of the firm. |
| (7) Stability | Stability is not affected by death, insolvency or lunacy of a member. | Stability of a firm is affected by death, insolvency or lunacy of a partner. |
| (8) Government Control | There is a lot of government supervision and control. | There is minimum government supervision for a partnership firm. |
| (9) Act | Co-operative Societies have to follow Partnership firms are governed by the Indian Cooperative Societies Act, 1912. In Maharashtra, the societies have to follow Maharashtra Cooperative Societies Act, 1960. | Indian Partnership Act, 1932. |
| (10) Motive | The motive is to give maximum services to the people | The motive is to earn profits. |
| (11) Legal Status | A Co-operative Society enjoys an independent legal status, distinct from its members. | Partnership firms do not have an independent legal status. Partners and the firm are one and the same. |
| (12) Transfer of Shares | Members can surrender shares to the society. | Partners cannot transfer the shares without the consent of other partners. |
