Actually I believe there are a few "employee owned" companies in the US that fit your model almost perfectly.  The exception to your model is that they are "for profit".  I know one pretty well, and it evolved because the original owner kept the company private for all of his life.  when he died he left the company to the employees, with some very clear legal documents outlining how this would work.  employees share in the profits, and my understanding is they have done very well over time.  the company must stay private--it can never go public.  and I think it doesn not have the abuses in pay ratio that you see in some public companies.