Just Incorporated? Here’s What You Really Need to Know #shorts

Okay, so you recently incorporated your business or you're thinking about incorporating your business and you want to know what that actually means. Well, first and foremost, a corporation is a separate legal entity, which means it gets its own birth certificate. It'll show you the date that it was created, it was born. So what happens, you've now got this corporation. It's set up as you're incorporated. You now have a new business number. You have a new identity inside this business. So a few nuances that are a little bit different than your individual filing. The complexity is a little bit higher. We have to include our assets and liabilities as part of the filing. So it is a little bit more difficult. You definitely want to seek professional guidance in getting that filed on your behalf, but it will allow you to save taxes. And that's the whole intention of setting up a corporation is one, for tax planning and two, to make sure that you're protected.