I propose a revision to the current definition. The existing definition adequately captures the purpose of cooperatives and their essential nature as an association of persons. However, the means by which these purposes are achieved are described only in the abstract, as an “enterprise.” A cooperative is distinguished from capital-centered companies not only in terms of purpose and ownership, but also in the very way its objectives are pursued. This difference lies in what may be called cooperative transactions, which are clearly distinct from commercial transactions. A cooperative does not transact with an unspecified public; rather, it fulfills its purpose through transactions with its members. The unique features of these cooperative transactions provide the basis for understanding member-based equity generated through patronage, cooperative surpluses rather than profits, and patronage refunds rather than dividends. I believe that this aspect should be explicitly included in the definition. My proposed revised definition is as follows. The text inside the quotation marks indicates the portion I have revised: A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise "that operates mainly through cooperative transactions with its members".