TERM OF THE DAY cooperative Firm owned, controlled, and operated by a group of users for their own benefit. Each member contributes equity capital, and shares in the control of the firm on the basis of one-member, one-vote principle (and not in proportion to his or herequity contribution). Learn more about this term Usage Example The web developers shared a cooperative meeting room for presenting various projects to the rest of the team. The web developers met every month to vote and decide the presentation room schedule. Source: BusinessDictionary.com