Creating a business requires a good idea, skill, talent, and ambition. Even if you have those elements, you may fall short of raising the capital you need.

Owners of incorporated businesses understand the tax advantage of paying compensation vs dividends. But rules exist for “reasonable compensation.”

Cheating on your taxes has unpleasant consequences. These consequences include monetary penalties and the possibility of jail time for blatant cases.

Most companies have policies governing employment practices. However, they sometimes maintain them informally. An employee handbook formalizes those policies.