You really do need to look into the rules/legal structures in order to see if your plan could work....You really do need to research

Checkout this site.

Radical Routes - Publications

There are various booklets available to read on-line free.
Specifically look at this one....


FREE


How to set up a Workers Co-op. (52pp A5) This booklet tells you exactly what you have to do to set up a co-operative business (which is suprising little so I don't know how it ended up being 52 pages long). It covers registration with companies house, market research, business plans, democratic decision making, and a few bits on running the thing once you've set it up

If you don't want to buy this lovely booklet but want the information then please feel free to download one of the following low resolution (but still 500kb) PDFs of the insides.
Copy one is laid out one page to A4 sheet
Whereas this copy is imposed so you can print them off and staple them together and read it like a book.

http://www.radicalroutes.org.uk/documents/wcimp.pdf

It includes explainations of the legal requirements, including pros and cons of registeration and legal structures.