[OnmywaytoCPA]

Anyone start their own accounting or income tax business? I got my CPA License earlier this year and I have been getting people who have been requesting tax consulting, planning and preparation. Since I’m anticipating on a large amount of clients next year. I decided to start an LLC, but I recently found out that some states require individuals with a professional license to have a PLLC. Just curious if anyone on this forum is a licensed CPA with a LLC for their accounting or income tax practice.

REG - 74, Retook 6/10/16, scored a 72 (Hate this exam)
BEC - 69, 79, 8/1/15
AUD - 83, 4/4/15
FAR - 77, 2/27/16

[Recked]

I'm sure as an accountant you are already familiar with the tax consequences of the different entity types, so I'd advise you speak with an attorney to see which would offer you the most protection under your states laws.
In NY LLC's are a bit over hyped and over rated. The cost of entry is higher than a traditional corporation, and there is perhaps less protections afforded.
The whole idea of the LLC or PLLC is to offer legal protections so I think it would be money well spent to consult a local attorney before making any moves.
If you are starting on your own it would be a good idea to establish a working relationship with an attorney now. It might even result in some referral work.
Also be sure to pick up your E&O insurance, another conversation to have with your attorney.

[Recked]

This is from the NYS website. It might be a good idea to check with your state's board to see if there are any specific rules and regulations.
This is specifically related to Registered Public Accounting Firms.
What firms are required to register as public accounting firms with the NYS Education Department?

A firm is required to register as a public accounting firm with the Department if it:
Provides any attest or compilation services to NYS clients; or
Uses the words “Certified Public Accountant” or the designation “CPA” or the words “Public Accountant” or the designation “PA” in the firm name.

What types of practice structures are allowed?
A single owner firm is permitted to form as a Professional Limited Liability Company (LLC), a Professional Services Corporation (PC), or a Sole Proprietorship.
A multiple owner firm is permitted to form as a Partnership, a Professional Limited Liability Partnership (LLP), a Professional Limited Liability Company (LLC), or a Professional Services Corporation (PC).
Note: General business corporations and other business entities are not allowed to register as public accounting firms.
https://www.op.nysed.gov/prof/cpa/cpaptrshp.htm

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