For 2022, I would like to create multiple streams of income. Therefore, I’m planning to start other businesses namely:
- Start a cleaning agency with 1-2 business partners. I will be a part-owner (not a cleaner) and will be in charge of sourcing and hiring staff + some marketing.
- Rent out a house on Airbnb - just me. No business partners.
Currently, I’m a freelance writer registered as an ME (7021Z - Communication/PR). Given the above, I would like to understand my options for a business structure while maintaining my ME status—which I’d like to retain because it’s my creative and business outlet for things I love such as writing and digital marketing. Therefore, I will have 3 sources of income: freelance writer/digital marketer, Airbnb rental, co-owner of a cleaning agency.
1) I believe I can add this to my ME status? If so, what domain (or area of work) is this? Anything else I should do to make this business legal? (eg. register with a specific business chamber, etc.)
2) With freelance writing and Airbnb, what will be my new income threshold as an ME?
1) First of all, if I become a part-owner of this new company, can I keep my ME status separately?
2) What is the best business or legal structure so I can start this agency with my business partners? I’m a bit clueless on how to start this. We’re still in the early stages of planning but I’d like to at least see the big picture structure-wise. I’d appreciate it if you can please point me in the right direction or resources.
Anything else I should know, note, or should’ve asked? Thanks so much!