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Incorporation Vs. Master Business Licence

 

There are advantages and disadvantages to both legal entities, depending on your personal risk and liability, client base, investments to the business and the amount of revenue expected to be generated, each has its merits and limitations.

 

Description

Incorporation

Master Business Licence

Liability risk
Limited Personal Liability
Personally liable for business damages
Taxation
Possible tax advantages
Personally taxed
Name Protection for Business
Provided with incorporation
Not available
Existence Continuous
Yes
No, requires renewal and fees every 5 years
Transferable ownership
Yes
In most cases no
Access to capital
Greater access to capital
Limited access to capital
Flexibility to change name, address, individuals listed
Very flexible
Address change or general partnership to general partnership change
Requirements for taxation
Separate filing from individual
Filed under individual tax return
Start up costs
Higher starting at $394
Lower starting at $121
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