It's possible but the majority of stakeholders need to be actively engaged in managing that entity. Otherwise it will be taken oven by the bad actors trying to primarily benefit themselves.
I've literally never seen a functioning union anywhere I went (I live in Europe). Everyone I met in my life, in a bar, etc is angry at their unions.
Incidentally, I personally think the limit for communist societies is around 50 people or so.
Another issue is that people have unrealistic idea about what can and should be done in a day/week/month. They don't care about their own work nearly that much, and will forgive themselves a lot, but will expect others to upheld that unrealistic standard.