The panel is also a good idea and if you create a party a dialogue box will pop up where you can write the password and It would be great also if it is something like /gang and from the panel, the party creator/leader has the options to kick/ban/give leadership/leave chat/change password/End the party.
Kick: The party leader/creator can kick anyone in the party.
Ban: The party leader/creator can ban anyone in the party.
Give Leadership: The party leader/creator can give his leadership to anyone in the party.
Leavechat: You can leave the party
Change password: That you can change the password of the party.
End the party: That is for ending the party and it will instantly kick everyone in the chat and delete the party.
That was an additional idea to the Main Idea and it will help a lot.