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Starting A Private Practice 

The first step of owning a business is developing a Business plan. Here are two valuable links to begin your brainstorming process.
What goes in a business plan?

There are many issues which must be sorted out before going into business. “First-timers” who are completely unaware of most of these

requirements should get appropriate advice in order to avoid very problematic outcomes. It is imperative that you consider building a team and

make use of specialty services while you are in the planning stages for your practice.

Moving to the accounting side of things, keeping records is a fundamental practice to any business. Keeping appropriate financial and taxation

records are just as important as keeping good client records. Obtaining a good accountant or book-keeper prior to setting up a practice is essential.

The Accountant should also balance Income and Expense Statements on a regular quarterly basis.

It's vital that you have a firm understanding of basic state and federal requirements which any business must observe. It's important for you to have

a team of professionals in your corner to help maintain accountability. There are many questions which need to be asked prior to starting a business.

  • Should I register a Business Name and if so, how do I do it?
  • What type of licensure or accreditations do I need to open?
  • How do I get a factious Name? Why?
  • When do I need to consider Federal Trade name registration?
  • Should I form a Profit, non-profit, INC or LLC?
  • Should I register for a Federal Tax Business Number? If so, how?
  • What kind of accounting format do I need?
  • Am I required to register under Workplace Health and Safety Regulations?
  • Do I need insurance (indemnity or other) and if so, what?
  • What if I employ someone. What procedures must be observed?

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