How would you handle the case of organizations & libraries that receive a copy of our quarterly publication? If the organizations are "members" it might be possible to schedule payment reminders and generally keep track of the money, and delivery preferences (online or postal mail). I could create a membership type of "Organization". If they are just "Organization" contacts, not members, I think it fits better in the sense they are not actual persons, but I don't know how you would deal with payments and reminders. Any suggestions appreciated.
Agree with others that Memberships is way to go. Organisations tend to have someone with fingers who can fill in an 'on behalf of Organisation'-type Membership form. This automatically creates a Permissioned Relationship between the contact person and the Org which can then be utilised for sending out renewal / resubscription reminders.
Note: if you want to rename Memberships as "Subscriptions" then be aware that text strings including words Members or Memberships often in multiple places in the System Template (Membership Receipt) messages. You may be able to fix some of these via Word Replacement but I suspect some need tackling direct in the template - possibly with an 'if' statement if you have some Membership Types for Subs and others for Members
If you are dealing with money then I would recommend using a membership. There is no requirement or assumption that memberships are for individual contacts only - they can be set for organizational contacts as well. The profile(s) on the Membership signup and renewal form should be set to onclude fields from an organizational contact, or ones related to it.