#3 Side Hustle to Legal Entity

You've decided you'd like to register your side hustle, that's great!.  In order to do so you will need to follow a couple steps.  For the purpose of this blog I will be using the sole trader type of business; A sole trader is a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses. Simply put a sole trader is entitled to all the money both positive and negative growth.  So let's look at the steps involved in registration.

                   

       Step 1: Name approval and reservation - This is where you apply to make sure the name you               have for your company is available. You will need to drop off the following documents at the               Ministry of Legal Affairs:

• Copy of ID - National ID
• Proof Of address - Recent Utility bill in your name
• Filled out and completed application form 
• Cash for application - $25.00 at this date

       Step 2: Now that you have successfully searched and ensured your name is available (this will             take a couple days) you will now be given the option to register with this name within the next           few days.  If you have decided to proceed you will need the following:

• Filled out and completed Form
• Document showing name is available given by clerk
• Cash for application - $220.00 at this date

Congratulations! You have now registered your side hustle to a legal entity!  You may now wonder about taxes, Stay tuned for my next post where I address this question.