As far as I understood, the company's shares belong to the employees ("everyone gets a seat on the board") and those elect a director which in turn organises the work structure, assigns roles etc. Correct?
Can he be replaced at all times?
How is the compensation of the employees determined?
How are employees handled which are not performing their duties?
Can employees be fired?
How can employees join and leave the company?
Do they return their shares on leaving?
Can they buy and sell their shares?
How do new employees get their shares? Are they assigned or bought?
How is capital raised for large long-term investments like a new machine?
If the employees bring up the capital, do they get interest?
What if no capital can be raised? Is the company terminated?
Can some employees put in more capital than others?
Is the financial gain distributed equally between the employees?