Incorporating in Canada #shorts

Incorporation is a separate legal entity. So if you as an individual are operating a business, if you want that entity to be protected away from you and protect your personal assets, a corporation is something that we set up separately, and it then takes all of the risk of a business on because it's that entity's responsibility. You may still have limited risk as being an individual or the owner corporation may be your best friend because of the tax rates associated with a corporate structure. A corporation is a structure that will allow us to grow our business faster, accumulate our wealth faster, and continue to build something that we can be proud of. It's super important that you work with a professional to get this set up, because there's different characteristics inside a corporation, like the share classes and how they work. It has to be set up right at the beginning, or we have to fix it later, which could get really costly.