Which description defines a Cooperative?

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A cooperative is formed by a voluntary association of people who share a common social or economic goal, join together because of that bond, and contribute to the capital and risks of the venture in a fair way, all guided by widely accepted cooperative principles. The description in question captures this exactly: a duly registered association of persons with a common bond of interest who join voluntarily to pursue a lawful end, contribute equitably to capital, and share the risks and benefits according to universal cooperative principles. The other options describe other business forms that don’t embody the cooperative spirit and structure: a sole proprietorship is a single-owner enterprise; a partnership is simply a business arrangement between individuals without the required cooperative bond or principles; a corporation is a legal entity formed by law that may or may not operate as a cooperative.