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Job and a startup firm?
Posted on 02/10/2008 4:47 pm
Job and a startup firm?
Comrades,
Does any one has experience of setting up a company and at the same time continue to work , atleast for the beginning for some months.
I would like to know how it would affect the insurances, taxes.
Ofcourse thw working company has to be informed about the firm setup.
tx and cheers
Raj
rajendrak
Member since 23/06/2008
Posted on 06/10/2008 10:29 am
Re: Job and a startup firm?
Hi All,
In addition to Rajendr, I am also interested to know more on this topic as I am also planning to start-up a company along with my job.
In past some people shared their experiences. It would be nice to read more about starting procedure from the people who already did it.
I would share mine when I am through with it.
Is it necessary to inform the current employer? I guess yes! But what could be the worst risk if not informed??
viking
Member since 24/08/2005
Posted on 06/10/2008 11:35 am
Re: Job and a startup firm?
Hi Rajendrak and Viking,
about that subject I guess is a good idea to ask Detlef about this subject.
dvh@trust7.com
He has big experience in that area.
Good luck!
Regards
YO
YO1
Member since 17/11/2003
Posted on 06/10/2008 5:05 pm
Re: Job and a startup firm?
Yes, thats true. I had already emailed to Detlef.
Here we can discuss some real time experience from guys who have already managed to do so.
The employer need to be informed and has to approve the thing. Most of the contracts have this in as a clause , due to competitive and productivity issues.
rajendrak
Member since 23/06/2008
Posted on 07/10/2008 10:23 am
Re: Job and a startup firm?
The set up will probably up set your employer, but you should not only inform your employer but indeed also gain his approval. Under the law an employee is not allowed to compete with his employer while still working for him. This is a general principle and also true if the contract does not contain an explicit clause to that effect. If the employer finds out he could - besides terminating the contract – sue for damages. Sometimes the contract states non competition clauses for the time after the contract has finished. Those are only valid under special circumstances, one of them being that they recompense your for this restriction.
Rechtsanwalt_Jain(at)yahoo(dot)com
vakalat
Member since 21/11/2007
Posted on 07/10/2008 10:38 am
Re: Job and a startup firm?
Yes.
The approval from employer is mandatory , atleast in my case. After the approval is given, its renewed every year, which means, I need to get approval every year from the management to carry on..
rajendrak
Member since 23/06/2008
Posted on 07/10/2008 4:53 pm
Re: Job and a startup firm?
As far as I know, the employer has to be notified *if* there is a clause prohibiting it in your contract.
As a personal experience on the case, I started a company back in 2003 while being employed, offering Internet based applications to middle-sized companies in Germany, USA, UK, South Africa and DR Congo. I ran the company through 3 full-time employments and sold it only back in end 2005 when starting to think about going self-employed.
Never had a problem with my employers and/or Arbeitsamt or Finanzamt, maybe because it was an Ltd. built in the UK but I did assumed the role of both Director and CTO.
D.
NoBody
Member since 20/11/2003
Posted on 09/10/2008 3:25 pm
Re: Job and a startup firm?
thanks for the info NoBody.
I am also planning to do in a similar way more or less.
Is it ok if I contact you to get some information about the setup and taxation stuff?
rajendrak
Member since 23/06/2008
Posted on 09/10/2008 3:37 pm
Re: Job and a startup firm?
No pbm, u can.
D.
NoBody
Member since 20/11/2003
Posted on 09/10/2008 3:44 pm
Re: Job and a startup firm?
tx
rajendrak
Member since 23/06/2008
Posted on 14/10/2008 6:42 pm
Re: Job and a startup firm?
Hi
Intresting thread.
I would also be interested in that ,,,specially the question whether to open here in germany or in UK.
And if you guys do not think its personal , also the business model you are going for...
Regards
Sandeep Shahi
shahisandeep
Member since 12/04/2004