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keeping job while setting up business

  • 21-03-2007 01:08AM
    #1
    narommy
    Registered Users, Registered Users 2 Posts: 469 ✭✭


    I am attracted to setting up my own business in a sector that I currently work in. It would not be in direct competition with my employers but not much difference and if things went well they would notice it.

    What legal remedies would my current employers have if
    a)I left now before i had much work done on the project
    b)I left when the business was about to start
    c)I stayed on and didn't tell them about it until they found out.

    C is my preferred option but I would be afraid of the legal consequesnces although contract is one page long.

    There would also be the option of letting them know what my plans were and see how that panned out (madness considering the personalities)


Comments

  • #2
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    It depends on what your contract says and what your business is.

    For example if you business is a carpenter and you want to set up your own business while still working for a company that employes you as a carpenter I dont see how they could stop you. They cant prevent you from working.

    If you work as a fund accountant and you want to start up a business offering your services to the same sector as you are already employed in, then I would imagine you have signed a contract stating that you wont go into direct competition with your employer or poach clients for a period of up to 12 months after you leave. Some contracts compel you to inform your employer if you engage in outside business that is in competition with theirs while you are in their employment.

    However how enforceable these contracts are, I dont know. I have never heard of anyone being persued for either setting up a business of similar nature after leaving employment or for leaving and going to a competitor but then again I work in IT so it might not apply to what you are talking about.


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