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Setting Up Your Business
While each state has different laws regarding the formation and ongoing management of a psychology practice, below is a general list of tasks that all or almost all psychology practices will actually need to complete:
  • Required Business Setup
    These are tasks that are required and that differ by state. Here's an example of the list for California:
    • Create a name that fits the state's laws and check its availability
    • File Articles of Incorporation
    • Create the corporation's Bylaws
    • Appoint Board of Directors and Officers
    • Hold initial Board of Directors meeting and minutes recorded
    • Obtain Federal Employer Identification Number (EIN)
    • File Statement of Information
    • Get business license (if needed)
    • Elect as an S-corporation
    • Register with California Department of Financial Protection and Innovation
    • File Limited Offering Exemption with CDFPI
    • File Corporate Transparency Act's Beneficial Ownership document
    • Set up a Registered Agent to receive notices
  • Psychology-Specific Setup
    These tasks will need to be completed in order to comply with laws that are specific to psychology practices.
    • Register the Corporation with the state Board of Psychology
    • Apply for and maintain insurance
    • Setup practice management software
  • General Business Setup
    These are tasks that you don't need to complete legally, but that are required for the business to function.
    • Set up a bank account
    • Set up accounting software
    • Set up payroll service
    • Get a credit card for business expenses
  • Communication and Marketing
    These are tasks that are required to have a base level of communication and marketing with your clients.
    • Get a domain name
    • Set up HIPAA compliant email service and email addresses
    • Create a cloud service for important documents
    • Set up website
    • Set up phone number
    • Look into SEO and/or advertising according to marketing plan
  • Ongoing Business
    These are tasks that will need to be completed on an ongoing basis in order to keep your business viable.
    • Bookkeeping
    • Paying estimated quarterly taxes
    • Filing and paying taxes annually
    • Filing Yearly Statement of information
    • Annual Board of Directors Meeting
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This guide is for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced herein.