I think this is a really cool idea - but there is some legal risks associated with it. The biggest problem I guess is the fact that the token will for sure be a security token. As far as I know - at least that is the fact in Germany - you can do this if you do not sell to the public but to a closed group of people, which is limited in number.

Regarding the legal entity - there is various variations possible. In Germany, a Verein or Genossenschaft would be possible, but I guess a small limited company would be the easiest to maintain.