Gurgaon | 25 Jan, 2017 (2 years, 7 months ago)

Contracts and Legal Documentation

Partnership business along with a full time job

Hi, Am a full time employee with a venture capital Firm. Due to my nature of job I have access to a large pool of startups who are looking for a fundraise. So me, along with my friends have floated a company to monetize the opportunity of advising startups on their fundraising process. Two of my friends are full time partners in that enterprise, while I am currently associated with them on a handshake basis. Now, that the firm is growing and making profits I want to be officially entitled to receive a share out of any profit made in the company. My letter of employment says that I am not supposed to engage in any other business activity (Though, am not in the related business as my current employer). How can I be entitled to recieve all the profit shares in the new firm while being legally protected with my present employer ?
Answers
13 Mar, 2017 | 22:58

Hi, in order to properly answer the same, we need to have a look at your employment letter/terms of engagement. If the same is couched in a very wide language as laid by you i.e. not to engage in any other business activity; it is prudent that you should not engage in present activity unless the language or the restriction is modified or your current employer ratifies or assents to the same. Since you may be working in a different field, it should not cause a problem for your present employer but you would not want to take that risk.


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