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Your customers or target market is the group of people at which you aim all your marketing efforts. People with common characteristics set them apart as a group. The more statistics you have about a target market, the more precise marketing strategy you can develop.

A board of directors should be comprised of people who are interested in the development and the success of the business as well as community minded individuals. The board of directors shall constitute the selected governing body of the corporation. The initial board shall be appointed and afterwards elected by other members of the board. All operational and managerial authority regarding the corporation shall reside with the board of directors. Generally, the board of directors includes a president who acts as the CEO, vice president, secretary and treasurer.

An employer must pay its employees at least the minimum wage for all hours worked, and time and one-half overtime pay based on an employee's regular rate of pay for all hours worked in excess of 40 in a workweek unless the employee is exempt for some reason. The minimum wage and overtime pay are based on the hours worked each workweek and not by the number of hours worked each day or the number of days worked. Each workweek stands on its own regardless of the length of the pay periods. For purposes of overtime pay, employers of tipped employees must calculate the time and one-half overtime pay based on the employee’s regular rate of pay, which includes both the cash wage paid to the employee and the tip credit counted as wages for the employee at least equal to the minimum wage, which becomes the regular rate of pay for a tipped employee. Employers must apply tipped employees' hourly wage rate when determining overtime compensation. That rate can never be less than the minimum wage even if the employer is actually paying less by taking a tip credit. Take the example of a waiter who receives $2.13 an hour and enough in tips to make at least the minimum wage per hour. The employee's overtime wage would be 150 percent of $7.25 --- the standard minimum wage --- rather than $2.13. If the waiter receives a base wage higher than $7.25, in addition to tips, 150 percent of that higher amount would be his overtime wage.

An employer must pay its employees at least the minimum wage for all hours worked, and time and one-half overtime pay based on an employee's regular rate of pay for all hours worked in excess of 40 in a workweek unless the employee is exempt for some reason. The minimum wage and overtime pay are based on the hours worked each workweek and not by the number of hours worked each day or the number of days worked. Each workweek stands on its own regardless of the length of the pay periods. For purposes of overtime pay, employers of tipped employees must calculate the time and one-half overtime pay based on the employee’s regular rate of pay, which includes both the cash wage paid to the employee and the tip credit counted as wages for the employee at least equal to the minimum wage, which becomes the regular rate of pay for a tipped employee. Employers must apply tipped employees' hourly wage rate when determining overtime compensation. That rate can never be less than the minimum wage even if the employer is actually paying less by taking a tip credit. Take the example of a waiter who receives $2.13 an hour and enough in tips to make at least the minimum wage per hour. The employee's overtime wage would be 150 percent of $7.25 --- the standard minimum wage --- rather than $2.13. If the waiter receives a base wage higher than $7.25, in addition to tips, 150 percent of that higher amount would be his overtime wage.

The disclosure principle requires that the financial statements inclusive of the income statement, balance sheet and cash flow statements present the most useful material amount of relevant information. Notes may be included to the financial statements for additional disclosure. All information that is necessary in order not to be misleading and for investors to make informed decisions if applicable.

The disclosure principle requires that the financial statements inclusive of the income statement, balance sheet and cash flow statements present the most useful material amount of relevant information. Notes may be included to the financial statements for additional disclosure. All information that is necessary in order not to be misleading and for investors to make informed decisions if applicable.

The conservatism doctrine states that when exposure to uncertainty and risk is significant, an accounting entry should be made and accounting measurement and disclosure should take a cautious and prudent stance until evidence shows sufficient lessening of the uncertainty and risk. The allowance for bad debt account is an example of the realistic approach needed in the conservatism doctrine.

The consistency criterion states that the accounting procedures used at a given time should conform with the procedures previously used for that activity.
Such consistency allows data of different periods to be compared. This is important for comparative financial statements such as the income sheet, balance sheet and cash flow statement.
If there is a change in the consistency or accounting methods, the financial statements have to be restated for consistency purposes.

The consistency criterion states that the accounting procedures used at a given time should conform to the procedures previously used for that activity. Such consistency allows data of different periods to be compared. This is important for comparative financial statements such as the income sheet, balance sheet and cash flow statement. If there is a change in the consistency or accounting methods, the financial statements have to be restated for consistency purposes.

The matching principle states that income is calculated by matching a period's revenues with the expenses incurred in order to bring about that revenue. The accrual concept is used to accomplish the matching principal. The bookkeeper will set up accruals of income earned but not received and expenses incurred but not paid to get a better matching of the company's income and expenses for a period.