What term refers to a business organization created, owned, and controlled by its members?

The term that refers to a business organization created, owned, and controlled by its members is "cooperative." Cooperatives are unique in that they operate on a principle of mutual benefit for their members, who can be either individuals or companies. Each member typically has a vote in how the cooperative is run, regardless of the amount of capital they contribute. This democratic structure ensures that the needs and interests of members guide the organization's decisions and operations.

In contrast, a corporation is owned by shareholders and managed by a board of directors, with decisions often reflective of shareholder profits rather than member needs. A partnership involves two or more individuals who share ownership and management responsibilities, but does not inherently provide for the equal participation of all partners in decision-making. A sole proprietorship is owned and managed by one person, limiting input and control strictly to the owner, which contrasts sharply with the cooperative model's collaborative approach.