No Good Deed Goes Unpunished
Good Deed: You and your best friend Sam open up a cleaning business together in Minnesota. Since you are friends, a simple handshake and a promise works for both of you. Your business does its "bookkeeping" by hand because you don't issue invoices. Your business uses your personal account for the business. You don't file sales tax because you are in the service industry, and one of your friends (who is an engineer) told you that services aren't taxed in the State of Minnesota. Both of you believe that hiring professionals to help you with bookkeeping, accounting and legal issues is not necessary due to...
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