You can own a business but you cannot work for it or collect a salary from it without having a H1 from that particular company. It's just like owning stock which is allowed under H1 but not working for any employer just like that without USCIS authorization.

The rules for your company employing you is that you should be firable by some other person or the board i.e someone has to have a control over you. You should not taking decisions about yourself.