Cooperative Bank Account

Perhaps a PayPal account could be established to act as the bank account of the Blog Cooperative. This raises some important questions. Whose name(s) should the account be in? What controls should be put in place to ensure that those with bank account access act responsibly? This also leads to a number of legal questions. For an international business with no offices, in what country should the company be registered (if any)? Should the Blog Cooperative be considered a 'company' at all? After all, it's just a group of individuals collaborating to provide products or services to others, right?