There's a few co-op breweries/brewpubs out there. As I understand it the people who purchase membership tend to have limited voting rights, some superficial privileges at the bar but no equity value (meaning you don't get a share of profits). I may be wrong about the equity part. I remember seeing some documents about the co-op offering at black star in Austin and not seeing an upside. I think there was a discount on beer but not living in Austin that had extremely limited value.
You could likely form an LLC or LP if you had a small enough number of investors to make it feasible.