PUBLIC CORPORATION

Public corporation is a business organization set up, financed and managed by government not necessarily to make profit but to provide essential services for the members of the public.

FEATURES OF PUBLIC CORPORATION

It is owned by government
It is financed by the tax payers money
It is set up to render essentials services to the public.
It does not complete with any organisation
It is established by the act of parliament

ADVANTAGES OF PUBLIC CORPORATION

It has enough and sufficient capital
It ensures fair and equal distribution of the services provided
It serves as a means of controlling monopolies
It raises the standard of living of the people
It is owned by government

DISADVANTAGES OF PUBLIC CORPORATION

It is very hard to set up
It requires large amount of money
There is delay in decision making
Over production and wastages are common among them
It lacks privacy
Interference from government affects the efficient management of the corporation

Public corporation is also known as Enterprise or statutory corporation.

FULL MEANING OF SERVICES PERFORMED BY PUBLIC CORPORATION

NIPOST – Nigeria Postal Services
NPA – Nigeria Port Authority
NRC – Nigeria Railway Corporation
NWC – Nigeria Water Corporation (Water board)
NITEL – Nigeria Telecommunication Limited
NEPA – Nigeria Electric Power Authority (Now PHCN)
PHCN – Power Holding Company of Nigeria PLC

CO – OPERATIVE SOCIETY

Co-operative society is a business organisation formed by people who have common interest in owning and running business for the benefit of their members.

TYPES OF CO-OPERATIVE SOCIETY

Producer co-operative society
Consumer co-operative society
Multi-purpose co-operative society
Credit co-operative society

PRODUCER CO-OPERATIVE SOCIETY: This is normally formed by group of farmers who produce agricultural products of the same kind e.g. cocoa, rice, beans etc.

The farmers who want to take advantage of cheap seeds and grains supplied by government marketing board.

CONSUMER CO-OPERATION SOCIETY: Is a society formed by a group of customers who contributes their money to buy goods in bulk for the benefits of their members.

MULTI-PURPOSE CO-OPERATION SOCIETY: This combines the activities of both the producers and consumers co-operative society types in carrying out its operation.

CREDIT AND THRIFT – Is a type of co-operative in which the members contribute money on regular basis to the purse of the society.

FEATURES OF CO-OPERATIVE SOCIETY

It is the union of persons and not capital
It provides services for the benefits of its members
It is easy to form
Every member is involved in running the business

SOURCES OF FINANCE

Voluntary contribution from the members
Fine and other special fees
Plough back profit to the business
Loan from government and banks

ADVANTAGES

It encourages their members to form saving habit
They gives loan to their members
They purchase goods on behalf of the members
It can be used to reduce exploitation

DISADVANTAGES

Insufficient capital for the business
Misunderstanding among members may affect the smooth running of the business
Unfaithfulness of the management may put the business to an end
Most of the management are not well experienced financially
Most members are illiterate.