Ran it recently with a group bank. Had 7 players and everyone threw in $40 i.e. the bank started @ $280. Played a 50c-$5 table. Basically just hedged all bets ~15% b/c you're winning/losing 1/7 to yourself. It was great and kept someone from taking a bath. It would have been the case too as the shoe went south and we ended up breaking the bank right when we were ready to call it a night (played about 3.5 hrs). Everyone just left with what they'd won but we would have just split the bank 7 ways.
I went with mostly player friendly options. Here's my small table card I had laminated...
Friendly low stakes game so we didn't have to worry about the bank though with every one having a stake more attention was given to the dealer etc...
Worked out great.
Oh yeah... in case it wasn't obvious once the bank was set everyone just bought in for whatever they wanted and rebought as necessary. Also, we were playing until a set time so we didn't have any players leaving early issues.