Corporate tax is a tax imposed by the government on the profits (or income) of a corporation.

Basically, when a company makes money—after subtracting business expenses like salaries, rent, and raw materials—it pays a portion of that profit to the government as tax.

Personal tax is the tax that individuals pay on their income, such as wages, salaries, investments, or profits from self-employment.

It’s what you pay the government based on how much you earn—not your business or company.

Incorporation is the legal process of forming a new corporation—basically turning a business into its own legal entity, separate from the people who own it.

Once incorporated, the company can own property, enter contracts, sue or be sued, and is responsible for its own taxes and debts.

Bookkeeping is the process of recording and organizing all the financial transactions of a business.

It’s the day-to-day tracking of money coming in and going out—like sales, purchases, receipts, and payments—so the business knows where it stands financially.