LFGSS and Microcosm shutting down 16th March 2025 (the day before the Online Safety Act is enforced)
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I wouldn't say the financial risk is the big issue, a fair few ways around that as you've suggested.
The issue is the individual liability of "senior management" (which I'd guess would be those in charge of maintaining the servers/code, moderation, etc), in particular potential criminal charges.
The chance of that happening is probably negligible but non-zero.
I guess there could potentially be a structure with no "senior management" and all decisions taken collectively but it seems difficult in reality.
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The coop would need to be incorporated, ie. CIC as @skydancer has said, but also could be a CBS or probably more appropriate would be a CS ("Cooperative Society")
This might have been shot down already (we're 14 pages in) but what would be the scope of liability for a cooperative or similar community owned legal entity?
I guess that relies on there being an appetite for the community to operate more like a members association, coop or similar. Perhaps that also comes with things like more stable cashflow (even if it was a token auth fee of £2p.a. or whatever it might be)
If in doubt, collectivise?