A Co-op is a group that co-operatively comes together to offer classes, field trips, or "socialization" opportunities. It depends on the individual co-op if a 2yo can join in. Ours does not allow members under pre-k (4). Our co-op is mostly for the extra classes. We have a drama class, pottery, painting, creative writing, poetry writing, etc. Our co-op is for kids ages 4-18. We have dues AND we have responsibilities like teaching classes or providing the snacks, organizing field trips or social hours, planning and organizing the art/music fair or the 3 plays we put on each year.
Co-ops for homeschooling (which I'm guessing is what you're asking about) are specific meet-up groups that are for homeschooling families to meet and to do school related stuff. It's also a way for parents to get their children out and around other children around their child's age, so that they can socialize and make friends.
I can't see a homeschooling co-op being so beneficial to your son until he's a little older, however a meet-up group for moms in your area who also have young kids, so your son can meet other toddlers he can play with, might be a good idea. You can find various types of meet-ups in your area at: http://www.meetup.com/
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