Can you have a cooperative with limited liability? I'm sure you can emulate it with a limited company and particular arrangements of stock ownership and voting rights, but I doubt that's easy or cheap to set up.

The John Lewis Partnership in the UK is a public limited company whose shares are entirely owned by a trust that pays shares of profits to all of its employees, which isn't quite "ownership" but close, and they have a $15bn revenue. Publix Super Markets in the US has a $45bn revenue and is privately owned with all employees receiving stock.

https://www.investopedia.com/articles/insights/051316/6-succ...

Financing is probably an issue at a certain level but it doesn't seem to be limiting otherwise. They're just unusual, although if you consider startups giving employees a stake isn't that strange today.