[- Paul -]

I currently work for a large company but wish to see if I can make a go of my own in the "real" world. My business will not conflict with what I do for my employer so no issues re conflicts of interest.

I was going to start by doing it alongside my day job and see how it progressed. What do I need to do/know to stay the right side of the law?. Do I need to declare anything or can I just start advertising and see what happens?

[E92Fan]

Originally Posted by 1stnewcar

I currently work for a large company but wish to see if I can make a go of my own in the "real" world. My business will not conflict with what I do for my employer so no issues re conflicts of interest.

I was going to start by doing it alongside my day job and see how it progressed. What do I need to do/know to stay the right side of the law?. Do I need to declare anything or can I just start advertising and see what happens?

That really depends on what you are going to do with your new business. Depending on what industry/line of work you are thinking of, will determine the type of business that you setup - ie you could be a sole-trader, partnership, LLP, limited company...

Each style of company structure has different requirements in terms of setting up, reporting, administration and filing of reports.

PM me if you want more info, but I'll need an idea of what it is you want to do. And yes, I have setup more than a few companies in the past...


Tony

[Dave_3]

Originally Posted by 1stnewcar

I currently work for a large company but wish to see if I can make a go of my own in the "real" world. My business will not conflict with what I do for my employer so no issues re conflicts of interest.

I was going to start by doing it alongside my day job and see how it progressed. What do I need to do/know to stay the right side of the law?. Do I need to declare anything or can I just start advertising and see what happens?

I do the same, but my existing contract states not to conflict with my existing/possible future contracts (in that area of their work) ... anything else goes, and is none of their business.

Legally not too much a problem, but speak with an accountant about being self-employed or a Ltd. company, etc., for tax liability. A lot has changed in the last few years regarding these. Ltd companies not so attractive as they were. You now get taxed after the 1st penny earned

D.

[DervFan]

You'll probably be aware of this already, but your existing contract with your employer will most certainly state that you agree to work for them exclusively and that any ideas/products that you develop whilst employed by them are 'their' intellectual property.

I would be careful about keeping 'quiet' if you are to work in parallel (in your spare time) and specifically if your new interest will see you 'competing' with them in any way.

Also ensure that your protect yourself from any legal action arising, by being aware specifically of your existing 'contractual' obligations.

I speak from experience

EDIT - similar post to Dave_3 - who got in before me ;-)

[- Paul -]

Originally Posted by E92Fan

That really depends on what you are going to do with your new business. Depending on what industry/line of work you are thinking of, will determine the type of business that you setup - ie you could be a sole-trader, partnership, LLP, limited company...

Each style of company structure has different requirements in terms of setting up, reporting, administration and filing of reports.

PM me if you want more info, but I'll need an idea of what it is you want to do. And yes, I have setup more than a few companies in the past...


Tony

PM sent - thanks

Originally Posted by Dave_3

I do the same, but my existing contract states not to conflict with my existing/possible future contracts (in that area of their work) ... anything else goes, and is none of their business.

Legally not too much a problem, but speak with an accountant about being self-employed or a Ltd. company, etc., for tax liability. A lot has changed in the last few years regarding these. Ltd companies not so attractive as they were. You now get taxed after the 1st penny earned

D.

I won't be doing anything that has any similarity with my current employer. Is an accountant going to be better to speak to than say, a small business advisor?

Originally Posted by DervFan

You'll probably be aware of this already, but your existing contract with your employer will most certainly state that you agree to work for them exclusively and that any ideas/products that you develop whilst employed by them are 'their' intellectual property.

I would be careful about keeping 'quiet' if you are to work in parallel (in your spare time) and specifically if your new interest will see you 'competing' with them in any way.

Also ensure that your protect yourself from any legal action arising, by being aware specifically of your existing 'contractual' obligations.

I speak from experience

EDIT - similar post to Dave_3 - who got in before me ;-)

Thanks for the response anyway - I won't be competing with my employer at all. The IP issue is interesting though. I presume this only applies whilst you are being employed by them, by this I mean, whilst at work etc.

[E92Fan]

Originally Posted by 1stnewcar

PM sent - thanks

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