When I create custom fields(required fields) in the account object, the fields get added to both person account and business account. How do I make those fields only available for the Business account? I know that I can modify the page layouts for person account to not show those fields. But since the new custom fields are 'required' fields,even if I remove them from the person account page layout, I don't think any new person account records can be saved unless the required fields are filled. So removing those fields from person account record page is not a solution.
You can go for validation rules, like IF Account RecordType is BussinessAccount & RequiredField is null/empty show an error. In this way you can manadate to fill that field if BusinessAccount and for Person Account this validation wont work.
Along with this you can add that field only in Business Layout and remove from Person Account Layout.
Hope this resolves your issue.