Skip to main content

Accountants, lawyers and financial advisors, Oh My!

It is important to seek advise from professionals before you formally establish your business. There are various types of business structures, accounting processes, tax elections and retirement planning techniques. It is easiest to formulate the business correctly from the beginning.


An attorney knowledgeable about the formation of businesses can assist you deciding the structure of your practice.  Each business structure has a different set of legal and tax considerations. Common forms of businesses include:

  • sole proprietorship
  • partnerhsip
  • corporation
  • S corp
  • C corp
  • Limited Liability Company (LLC)
An attorney can also assist you in creating various documents such as Articles of Incorporation, Articles of Organization, Buy/Sell agreements and By-Laws some of which will be required by the Secretary of State when you file for the initial business entity. Different forms of businesses also have varying requirements for members, meeting minutes and shareholders. Attorneys can assist you with your IRS tax registration (EIN). This insures that the IRS is taxing your business properly. Many attorneys will offer a one time free consultation. 


Certified Public Accountants will shine the light for you about federal tax payments, state taxes, business deductions, W2/1099s and depreciation schedules. Often times accountants also employ bookkeepers in their offices that can offer support with payroll, annual report filings, and bookkeeping matters. It is beneficial to brainstorm what bookkeeping software is best suited for you and start using it immediately.  If you establish the correct categories in the bookkeeping software and log accordingly, reconciliation will be easier. Common bookkeeping programs include

  • Quickbooks
  • Quicken
  • Sage 50

Financial Advisors

Choose a financial advisor that is familiar with self-employment investment options for retirement. As with most aspects of self-employment, there are federal tax implications with how you chose to invest. Common options for self funded retirement savings include

  • Simple IRA
  • Deferred Benefit
  • Solo 401 (k)
  • Traditional or Roth IRA


Popular posts from this blog

Keys to Starting your Private Practice

If you have ever dreamed of starting your own successful mental health practice, you are not alone. Many clinicians have taken the leap and started seeing private clients with varying degrees of success.  This begs the question:

How can I succeed in a new private practice?
Equality Connections in Cheyenne, Wyoming helps clinicians of many experience levels realize this dream and we have found some key areas that clinicians need to consider when they start a new practice.
Survive the cash flow challengeAccountants, lawyers and financial advisors, Oh My!Business licensesState rules and regulationsObtaining certification Choosing office spaceBusiness insurance Getting your name into the communityLetting people know you are taking new referralsScheduling clientsBilling considerationsOngoing advertising for small practicesState tax paymentsFederal tax paymentRetaining clients Over the next several blog entries, I will be giving you valuable information about the above categories as you star…

Surviving the cash flow challenge

As you begin setting up your private practice, it is important to remain realistic about the time it takes to become fully operational. Typically new practitioners will need  6 months to 2 years to establish their own practice. The difference in set up time will vary with how many referral sources you acquire and how much marketing is completed.  Here are three basic rules to help you get started.

Rule #1: Don't quit your day job
Start seeing private clients after hours from your current job. If there is a non-compete contract in place at your agency, try to negotiate different terms possibly by seeing clientele that varies in diagnosis from clients served in your current agency. You may need to consult an attorney if you cannot negotiate new terms to the non-compete agreement. Many states will only enforce trademark or proprietary information sharing and not actual work restrictions. Meeting with a few clients a week in the beginning will allow you to sample private practice and …

Continuing Education Credits (CEUs)

Continuing education credits are required to maintain your mental health license (LCSW, LPC, and LMFT). Consider using your mandated CEUs to specialize in the populations you want to serve. This approach will speed you along your path of specialization and allows you to complete your renewal requirements. In Wyoming, clinicians currently need 45 continuing education hours for every two years this typically renews on their birthday. There are many ways to earn the credits you need without breaking the bank.

Local trainings offered by companies such as PESIOnline training many offer unlimited CEUs for a fixed priceWebinarsNational conferences Travel to trainings offered in other cities (tax deduction for private practices)