Article: Every business has a certain structure, which will determine how it is formed as well as your legal liability. Consider the following common options in the U.S.:   Sole proprietor. This is the easiest type of business to form. You don’t have to file anything with the state to form a sole proprietorship. Instead, you use your name and Social Security Number.  Corporation. Some states have special professional corporations for accountants. You’ll have to fill out articles of incorporation and file them with your state. Corporations shield you from personal liability for any debts incurred by your business.  Partnership. A partnership is a business run jointly by two people. You don’t have to file anything with the state to form a partnership, but you will be personally responsible for any debts incurred by another partner or the partnership. However, some states allow you to form a limited liability partnership (LLP), which shields you from business liabilities. You should draft a partnership agreement before forming.  Limited liability company. Like a corporation, an LLC shields its owners form personal liability. You’ll file articles of organization with your state. In many states, you must be a CPA in order to start an accounting business.  However, there are other licenses or permits you may need. Contact a Small Business Development Center to check.Generally, you also need to register your business with your state and/or county. Call and check. You’ll need this number if you hire employees or collect sales tax from clients. It’s also a requirement to open a business account at most banks. You can get the number online by visiting here: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online. Your staffing needs will vary, depending on how large you are. For example, if you’re going solo, you might only need a part-time receptionist. Alternately, you might want to hire other accountants to work at your firm.  You need to follow many laws when hiring employees. For example, you’ll have to register to pay unemployment tax at the federal and state level. You’ll also need to register to collect withholding tax.  You also must purchase workers’ compensation insurance. Accountants might need several different kinds of insurance. For example, you will need professional liability insurance for any errors you make. You may also need disability insurance and an umbrella liability policy to cover things like personal injuries incurred at your office. You can shop for insurance by looking online or working with an insurance broker who has experience helping accountants. Don’t assume your homeowner’s insurance policy will cover injuries at a home office. Some policies have business exclusions. Your office needs to be accessible to the public and large enough for your needs. Some people are intimidated by searching for commercial space, so use a real estate agent if necessary. Generally, your rent will be based on the square footage of the office. Find office space that has good foot traffic. If you want a home office, then check whether your home is zoned to allow for a home business. Stop into the zoning office and check. A small accounting business should not be expensive to start up, especially if you are working out of a home office. However, you may need some money to get off the ground. Consider the following sources of financing:   Your savings. Tap your own savings and save on costs. You won’t have to pay anyone interest. Also, if your business goes belly up, you can’t be sued.  Business credit card. For small purchases (such as office equipment), you might be able to use a business credit card. Shop online and compare offers. Make sure to use your business credit card only for business purchases.  Small business loan. Contact banks and credit unions first. If they won’t lend to you, then you can seek an online lender, but do proper research because there are many online scammers. Generally, a bank will look at your personal credit history before extending a business loan. Often, you must sign a personal guaranty on the loan, which means you’ll be personally responsible if your business can’t make payment.  Home equity loan. You can use your home as a piggy-bank, though it comes with risks. For example, you can get a home equity line of credit or a home equity loan. If you do this, then your home is collateral for the loan, and you might lose it if you default.

What is a summary?
Decide on your business structure. Obtain other licenses or permits. Obtain an Employer Identification Number (EIN). Hire employees. Buy liability insurance. Find appropriate commercial space. Fund your start-up costs.