How is this different from forming an LLC? They have almost no administrative requirements.
You can see more detail at http://vermontvirtual.org/Vermont_legislation_--_as_passed
> If you use a template Operating Agreement that we provide {link to come}, you can establish a company that is based solely (or primarily) on the pooling of time, attention and effort (as opposed to investment of capital in exchange for shares).
I wonder what the practical issues are regarding these, like can you get a bank account 'entirely online'? You pretty much need that part too, to have a real company.