Who gets access to the logs?  I'm serious.  I've been fascinated at what I can glean looking at the threenorth logs.  I don't publicize that except maybe a hit or two in an e-mail.  You can't let every shareholder access them, because that would effectively be no privacy whatsoever, which will drive many away.  Someone else suggested not logging IPs at all, but you may need them if you ever get a DDOS attack--or if someone does cross a legal line.

Who makes decisions that may require more than zero ratings?  Jeff has nuked spam posts.  He has removed a few truly obnoxious posts and/or diary.  If you have a copyright violation, you need to react quickly.  Some one or ones will need to be empowered to do that.  Who?  Who watches the watchers?  Can shareholders recind a decision if fifty percent disagree?

It would probably be wise to "employ"  a non-shareholder to undertake the day to day running, within broad guidelines set down by the company, with shareholders having no special privileges. (Much the same way most larger companies work)

This would also potentially help alleviate the idea that the system is merely a way for the shareholders to host libelous content, whilst hiding behind limited liability status, something the courts could look very closely at.