The purpose of this paper is to point out the importance of the cooperative as an economic entity, through representation of modern trends of cooperative association in Europe and beyond. Through their association, cooperative development covers key connecting factors of individuals, while finding models for reducing the differences between cooperatives as economic entities and companies for the benefit of companies. The subject of research in the paper represents an analytics of cooperatives and the need for new legal solutions, which would support the development of cooperatives as independent economic entities in the future. The key hypothesis the paper starts with is that cooperative association is of great importance in dealing with many economic, market and sociological challenges, which is of special significance for the economic development of our country. The previous legal solutions of the cooperative association, in addition to positive changes, have not given expected results so far. In the conclusion, it is pointed out that legally regulated area of cooperatives as specific economic subjects is the foundation of development of their economic activity. Based on the critical illumination of the cooperative legislation, recommendations are given for its improvement, while taking into account the ever-present needs for improving the business of cooperatives and their convergence with the business of other economic entities.