Hybrid LLC/Co-op Structure

Thanks to Walden Swanson, we have an outline on forming a hybrid LLC/Co-op business. Following is an edited amalgamation of an email thread we’ve had the last couple of days.
Minnesota has a new co-op law that has elements of an LLC. August 1 is the day the law goes into effect. This is the first state that has instituted a hybrid LLC/Co-op business organization.
http://www.revisor.leg.state.mn.us/cgi-bin/bldbill.pl?bill=H0984.3&session=ls83
Note this link points to the mark up bill rather than the final law, so it’s a little hard to read. I don’t think the final one is available yet.
The way we (Walden’s company) are going to set up the initial structure has 3 classes of members: Investors, customers and Employees (employees include founders, developers, management, etc.).
The employees start out with 100% of the company and are diluted by the other shareholders. As you will see, this will eventually end up with 45% for the employee class.
The investors want a targeted IRR (Internal Rate of Return). We both agreed on an expected scenario for the income statement and then backed into their percentage ownership. (Notio note: That sentence right there defines the business issues at hand