I'm actually planning something similar. I want to start my own business, and when I get to the point of bringing in other people, I want the company to be cooperatively owned.
Each person hired will get an equal share, but I'll probably put in some sort of probationary period (3-6 months), just for safety.
As for governance, it always makes sense to divide up responsibilities instead of making every decision via consensus, but for the big things (taking on a big financial risk, selling the company, etc) the employee-owners are the board, and get to make the decision.
I'm in a company with a similar system. I graduated from employee to "equal owner" - we've since had 3 more people do that - but also 3 owners (including the 2 original founders) have moved on.
We've made some mistakes along the way, and refined the system somewhat as well. What we realized (somewhat painfully) was that we wanted those working "in" the business to "own" the business. So while we have a vested system for earning shares, we also have a vested system for getting them back.
Once you leave, over a period of time, your shares revert back to the company. (we're a private company, not public, so the shares would only have any actual value in the event of a buyout, or dividend. The length of this vesting-out phase is proportional to the time spent in the company (with a cap). During the vesting-out phase dividends are paid out to "not present owners" in proportion to their share. To make sure this isn't completely manipulated we limit bonuses to the owners to the same % as what the staff get.
The idea is that while you're here, you're adding value. That value persists after you leave, but will becomes less important as time goes by.
The key thing - know how people get _out_ and agree on that before you start. Getting out is harder than getting in.If the rules are in place while everyone is still keen then they'll be fair. when it comes time for someone to move on, they already know the rules so there's no animosity on that front. By determining the rules _before_ you know which person will actually _use_ them you're likely to come to a very fair agreement. You know you could be on either side of the agreement later on. If you're negotiating this after one person has decided to use, then you've both staked out your camp and so both sides have very different goals - which leads to very difficult and painful arguments.
My partner once described business as a "marriage" and like a good marriage a pre-nup serves the interest of both parties.
What's your business? Probationary period sounds reasonable.
Yeah, consensus is something I'm toying with. I'm writing a CEO into the bylaws who, in spirit, should be the vision guy; not sure how powerful to make him or how influential. But the board is elected by the members, have short term limits, and I'm making it really easy for members to review board members and officers. The trick for all this working is vetting prospective new members. Until we get more than 10 members, the board meetings will also be membership meetings (sorry, you 3: you have to sit this one out).
Third Coast Workers for Cooperation is a great organization to help out with the pesky legal details and bylaws; I'd give them a ring.
I am not at all sure that those big decisions should be made by consensus, however.I once worked on a deal where the founder was very experienced in group dynamics and he insisted on solving all major issues by majority with all minor issues by consensus. Since then, I offer that solution to groups and generally they take it. In my experience consensus is so subject to the "holdout" that only the most sophisticated groups can avoid it. You don't want the major issues to be hijacked by one unhappy party. Its way too time consuming.
Each person hired will get an equal share, but I'll probably put in some sort of probationary period (3-6 months), just for safety.
As for governance, it always makes sense to divide up responsibilities instead of making every decision via consensus, but for the big things (taking on a big financial risk, selling the company, etc) the employee-owners are the board, and get to make the decision.