Most often, a First Nation doing business will wish to have protection from liability for business losses. The most common way to obtain such protection is to use an incorporated company. An incorporated company is a separate legal entity and its losses, in general, are not the personal responsibility of the owner of the business. As a corporation is a separate legal entity, it is not usually eligible for the tax exemptions available to Indian bands under the Indian Act, even if the company is wholly owned by the band. This memo sets out some of the ways First Nations can access valuable tax exemptions AND limit commercial liability.