I will look into things in terms of ownership/business.

splendid.. I would argue the case for a non-profit organisation, that way every member knows beyond all doubt that any profit will be spent for the benefit of the whole rather than shareholders.
It will mean the organisation will work for the good of the community instead of faceless investors, the money will stay in the local community instead of being milked like some large cash cow (a very thinly veiled reference to some other ISP?

)