In order to take care of the administrative side of things, there could be a board-of-trustees-like governing body initially some prominent characters of the community, later elected members etc. This board could hire, manage and pay programers, developers, CPA's etc.
Why even create a board of trustees? That is to centralized. Check out this post on reddit.
http://www.reddit.com/r/Bitcoin/comments/i7krs/idea_for_a_totally_distributed_monetary_exchange/The author proposes an interesting twist on Open Transaction. The basic idea is to use Open Transaction to allow people to issue digital contracts representing real world goods. These digital contracts can take the place of the physical currency (be it gold, silver or FRN's). Open Transaction facilitates the signing and trading of these contracts. So long as the contract issuer has a good rep. and is well known, he can create these contracts and people can trade them with confidence. Others can compete in the same manner... so it becomes a question of reputation.
Now further modify Open Transaction so that it uses a distributed block chain and clears the transactions so everyone can see the exchanges happen.