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In the US - you can do
1. a DBA (doing business as) - cheapest, easiest, but least liability protection
2. LLC sole proprietor - more commonly used w/ more liability protection
3. Corporations - different rules, toughest to setup and maintain, but added tax and liability benefits
After 1 year you will get hit with bank fees for even thinking about your own money and will proably want to quickly revert back to a current account :)
In the UK this status is a sole trader, trading as xyz.