@drukqs that sounds great!
My experience with individual-run social sites has been pretty rough.
Usually, it's one person shouldering the physical, emotional, financial and legal burden of keeping the site running. High burnout rate.
Community participation is usually structureless or ad hoc. There's not an established fair process for decision making or contributing time or money.
I think cooperatives are a great structure for making things fair and transparent from the get-go.