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.
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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
- 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
- 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.