What we do on Sat and Sun hunts is everyone loots and gold is given to me at the end. I then split it equally between those who participated and the guild gets a share. Any random item the game gives you you keep, any set pieces or other items looted get pooled at the end also.
With an alliance, we have to also make sure that whereas ClanUk have stringent entry criteria, other alliances may not so the odd rogue player may get through the system (eg the guild I am in on Atlantic ended up with the infamouus WebDesigner, he PKd a guildie, got booted and started acting the goat even more than normal - this guy is dodgy anyway). A good GM would vet players anyway.