ABCs of Small Business Industry: A is for Accounting

Here at MyCorp, we love talking about small business, as the sheer variety of small businesses available to start up is simply astounding. There is no, one, ubiquitous small business industry. Retailers, lawyers, restaurateurs, accountants – nearly every profession can be spun into a business!

With that in mind, we’re bringing you the ABCs of Small Business Industry as our latest post series on our blog. Over the next few months, we’ll be looking at the major industries that make up the small business world, taking a look at the different types of businesses, and helping people within these various industries start their own companies.

Without further ado, we present the first in what we hope will be an educational and enjoyable series – A is for Accounting.

Accountant

What do you need to create your own accounting practice?

First, you need to be licensed. A Certified Public Accountant has to pass a Uniform CPA exam, and you can’t legally offer your services as an accountant without some sort of credentialing. Licensing and certification will also vary state-to-state, so make sure you research what your state requires of an accountant before you open up your practice. If all of your ducks are in a row, opening up your own firm is like opening any other small business. You need a DBA name, and you have to apply for all of your local/state business and operating licenses. You should also have some sort of professional liability insurance, just to protect yourself, and if you hire anyone or bring on a partner, you’ll need an Employer Identification Number (EIN).

Once all of that is taken care of you’ll have a sole-proprietorship, or a partnership if you have a partner. However, this type of business can leave you personally liable for any debt resulting from lawsuits, debt, or negligence and it’s a good idea to consider forming a separate business entity.

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LLCs vs Corporations: Which Entity is Best For Your Business? (Infographic)

All throughout the month of October, we’ve been exploring LLCs vs Corporations at MyCorp – even more than we already do! The big question we keep revisiting are the LLCs vs Corporations themselves. Should a business become an LLC or corporation? Is there a “right” entity to form for your own business? We created an infographic that compares and contrasts the two together to find out.

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50 States of Incorporation: Delaware

Tucked away on the East Coast and the sixth most densely populated state in the United States, “The First State” Delaware holds another nickname when it comes to business as the “incorporation capital of the world.”

Delaware is the legal home to more than a million business entities, including 50% of all U.S. publicly traded companies and 64% of the Fortune 500. Additionally, the state recently became 19th state to enact benefit corporation legislation, allowing companies the ability to register within Delaware as a benefit corporation.

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Business Basics: Professional Corporations

Welcome to our weekly business basics post! This week we decided to explore a specialized legal entity called a professional corporation (PC). Now most of those who know a little bit about corporate law probably know that there are two, main types of corporations – S-Corps, and C-Corps. But in addition to these, there are a few other specialized structures that are important to keep under the belt of a small business, like the professional corporation.

So what is a professional corporation?
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