Based on what I have been researching and people bitching about penny stock CEOs' mansions, I am wondering if it's possible to create a "company" composed of only myself and possibly a friend or relative as a helper and go public. Would I be able to pay myself from initial offerings of shares, for example, even if I only have a vague product (freelance writing and translation that I may only pursue a bit as a side job)? Is there a large up-front cost (filing documents?) or unexpected personal risk (so long as I don't try to artificially pump my own stock)? I imagine I would get by through dilute, split, and repeat, the same as I see these companies doing.

I assume there has to be some major barrier, or else why wouldn't we all just do this. I can't stop thinking about how many of these companies have never been profitable, may not even have a product, and yet they are still getting paid.

Does anyone have experience in this to say why this may or may not be a good idea?