member-owned organization

A member-owned organization is a group or business that is owned and controlled by its members, rather than by external shareholders or investors. Members share a common interest or goal, such as a cooperative or a credit union, and they typically have a say in important decisions through voting. This structure promotes democratic governance and ensures that profits or benefits are distributed among members, rather than going to distant owners. By prioritizing member interests, these organizations aim to serve the needs of their community more effectively.