Interestingly enough, this has succeeded on some larger scale businesses as well. The Green Bay Packers are essentially owned by the citizens of Green Bay (one of the few reasons such a "small town" has been able to keep an NFL franchise there). They accomplish this through a tightly structured articles of incorporation that make it impossible for someone to go in and buy up a controlling share, etc. (no dividends, low cash value, no appreciation in value, and outright limits on shares of stock you can own, but full voting rights). The lack of an "owner" has actually contributed greatly to the success of the business. One person's (or small group) economic/personal interests aren't allowed to interfere with the running of the business, making it highly successful as an organization.
Could everything follow a "Community-supported" model? What could be the limits?