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Difference between Licence and License The major difference between these two words is that is one is American spelling while the other is British spelling but both are acceptable usage. In American English, both the noun and verb are spelt license.

Here are some of the essential business permits and licenses that you should secure before launching your business, according to Tycoon PH.Bureau of Internal Revenue TIN.Barangay Clearance.Department of Trade and Industry Business Name Registration Certificate.Mayor's Permit/ Business Permit.More items...?May 7, 2017

What is the difference between a license and a royalty? A license is an agreement between two parties for using someone's property without paying any money for it, whereas royalty is paying an agreed fee each time he/she use the owners asset.

The main tax difference between a license and a sale transaction is that license payments are taxed as ordinary income and sale proceeds are taxed as capital gains.

You must submit the application online at www.corporateonline.gov.bc.ca for a fee of $351.58. Processing time is instant, but paper copies of your incorporation certificate and original application will be mailed to you.

Brand and trademark licensing is a type of licensing in which a licensor permits the licensee to distribute his products using his brand name.A licensor can also grant permission to the licensee to manufacture and distribute its products. This type of licensing is called licensed production.

The payments paid by the company for those licences are accounted for as a cost, but the purpose of a licencing fee is merely to regulate. If the licence is for several years or accounting periods and is obtained by paying an initial fee, the licence is recorded in the accounting records as an asset within revenue.