We are planning to set up a co-operative consultancy business, but this is slightly complicated by the fact that two of our group are currently living in the US (although we are all UK citizens). In many ways this is a strength because it expands the timezones we can work in and the markets we can offer services to, but we’re not clear on the legal or financial implications.
Does anyone have any advice on dealing with this situation?
Do the research is my best advice.
You can have non-UK based workers, Members and Directors for a Company or Society. However, if you’ll be UK based with US customers then you will need to research any trading restrictions. Start here: Check for barriers to trading and investing abroad - GOV.UK
I would also recommend your US counterparts investigate the taxation/employment regulations as your co-op will need to abide by these as well as UK regs.
Great, thanks @NathanBrown, that’s really useful starting points for our research, and it’s good to know that we’re not trying to do something totally impossible! 
Hi there,
Agile Collective is a UK-based company but we have employees in Italy and Sweden. The two countries have different tax regimes that mean that we have different arrangements for each of the employees. Neither is straightforward.
You may find it easier for them to register separately in the US and to be an overseas contractor for you. You will also need to be mindful as an employer of differential benefits such as your policy around leave, public holidays, sick pay. And as a coop, whether you are going to ensure equality of conditions (eg take-home pay) for all members. Happy to put you in touch with someone who can talk through our experiences if that helps.