Final answer:
A cooperative business is run by owners who collaborate on the operations, whereas sole proprietorships are run by individuals, and partnerships are run by two or more persons sharing various degrees of involvement and liability.
Step-by-step explanation:
A cooperative business consists of owners who join forces to collectively operate all or part of the functions in their industry.
Other forms of business organizations include sole proprietorships, which are owned and operated by one individual, and partnerships, which involve two or more people working together. An example of a partnership is a general partnership where all partners share responsibilities, profits, and liabilities equally, whereas in a limited partnership, some partners may only contribute financially and have limited liability.
In contrast to sole proprietorships and partnerships, cooperatives are owned and operated by a group of individuals for their mutual benefit. They focus on the collective rather than individual profit and decision-making. This sets them apart from private companies that may be structured as sole proprietorships, partnerships, or corporations without publicly issued stock.