What are the considerations when configuring the lead conversion process?

We recommend that you use different lead record types and page layouts to differentiate leads that convert to person accounts from those that convert to business accounts. Specifically, remove the Company field from the page layouts for leads that convert to person accounts. Then, make the Company field required on the page layouts for leads that convert to business accounts.
If you convert a lead that someone else owns and attach it to a person account that you own, the lead owner becomes the person account owner.