A co-op is a group of individuals who work together for mutual economic, social or cultural benefits. The word "co-op" also often refers to a group of people who serve as a board over a condominium building or subdivision.
A co-op can be managed by a number of different groups. In a residential co-op, the management is generally a group of residents that live at the property. When "co-op" is used to refer to a business, it indicates that workers have formed their own co-op. This is referred to as a workers cooperative and can be found in settings such as credit unions or organic grocery stores.