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In this tutorial, Nick from Ontario Business Central explains nuance reports, which are essential for incorporating a business. A nuance report is a detailed seven-page document that outlines existing businesses with names similar to your proposed corporate name, including name-protected incorporated businesses and trademark business names. It helps you review potential conflicts with existing businesses. Additionally, the report is reviewed by provincial or federal examiners during the incorporation process to determine acceptance or rejection. The video aims to clarify the necessity and function of nuance reports in business incorporation.