There are as many different ways to record a band as there are bands! Every band has a different method which works for them best.
May I ask: what is the purpose of the recording? If it's to sketch ideas, and audio quality just has to be audible, then you really don't need a multi-track recorder. However, the more flexability you have the more potential for better sound. I say "potential" because there are PLENTY of amazing albums which have been recorded in mono or stereo as a one take, or even stereo direct-to-disk. (That's when the mic feeds go straight to a cutting lathe)
My second question for you is: what is your budget? Do you already have the gear you will be using, or will you be renting/buying it?
Last question: Who will be doing the actual recording, and how much experience does that person have? I'm assuming it's going to be you or another band member.
I'm not a recording engineer by trade, but I've lots of live mixing experience, and I produced/recorded my band's last album.
Here are a couple of mic'ing schemes I like to use for recording my band live:
THE 1-MIC SOLUTION
One large diaphragm condenser right centered against the band, about 6-7' AFF.
THE 2-MIC SOLUTION
Two large diaphragm condenser mics in an X-Y pattern, or on a stereo bar, facing the band, 6-7' AFF.
I've got very good results with just 2 mics.
A SIMPLE 6-MIC SOLUTION
This is a mixture of close-mic'ing with one room mic.
Mics A+B = Over the drum kit (aka, overhead mics), about 7' AFF. You will have to work on the placement so that the mics get all the toms, cymbals, as well as having the snare drum be centered. You can then pan them apart until they have a nice stereo spread but don't have a "hole" in the center.
Mic C = Kick drum
Mic D = Guitar Stage Left
Mic E (if needed) = Guitar Stage Right
Mic F = Room mic for bass and vocal PA.