I co-founded a company with friends during college and am now a partner. I’m starting a full-time job at a corporation in a few months. Are there any legal things I should be aware of with this dual role?

Apni Law
Apni Law
Law Forum › Category: Corporate › I co-founded a company with friends during college and am now a partner. I’m starting a full-time job at a corporation in a few months. Are there any legal things I should be aware of with this dual role?
Vote Up
358
Vote Down
Apni Law Staff asked 2 years ago

I co-founded a company with friends during college and am now a partner. I’m starting a full-time job at a corporation in a few months. Are there any legal things I should be aware of with this dual role?

1 Answers
Vote Up
37
Vote Down

Best Answer

Apni Law Staff answered 2 years ago

As a partner in a company, you have fiduciary duties to act in the best interests of the company. Your full-time job could create a conflict of interest, especially if your new role involves competing with your company or using your company’s confidential information. Consult a lawyer to understand your specific obligations and potential conflicts under Indian Partnership Act and relevant laws.

You Might Also Like

Can a friend from overseas invest in my new startup in India? What are some ways to do this, considering they’re not a venture capitalist but just a friend?

As a homemaker, I stood as a guarantor for my brother’s business. I haven’t invested in the company, nor do I or my family own any shares. Now, the business has faced financial difficulties. Could the bank harass me or declare me a defaulter?

Our company was set up a year ago. It has two directors – an NRI with a 75% stake and a local partner with a 25% share. The local director has been taking money from the company without the NRI’s consent, despite the NRI being the sole investor.

I co-founded a private limited company with a friend, but we’ve had a falling out. I formally resigned as a director and wanted to dissolve the company, but my former partner is holding back the process through his chartered accountant. It’s been over half a year, and my resignation isn’t even acknowledged. We were the only two directors. How can I extricate myself from this situation?

My friends and I started a business in March 2016. We’re struggling now and have a debt of ₹7 lakhs. I want to leave the business, but my partners are demanding I pay them ₹3-4 lakhs before I can. I’m from a middle-class family, and no one else is working. One of my partners has strong connections with local authorities, and I’m far from home with no one to help. I’m out of options, running out of money, and feeling helpless. I’ve even dropped out of college. What can I do? I’m desperate for a solution.

Share This Article
Previous Article My neighbor’s tree branches are encroaching on my property, causing problems with the electricity lines in my house. This leads to frequent power outages, which poses a danger to my family’s safety. Who should I reach out to for help?
Next Article My sister was forced into a divorce by her husband, who pressured her into it without informing us. They’ve been married for two years and have a one-year-old daughter. Now, her husband and his family are refusing to let her take their child, and they’re preventing her from leaving their home. We were unaware of the situation until recently. When we tried to speak with her in-laws, they told us not to interfere. Can we get custody of the child and file for maintenance since the divorce has already been finalized? We’re worried for my sister and her daughter. What legal options are available to us?

Follow US

Find US on Social Medias
Popular News
- Advertisement -
- Advertisement -
Ad imageAd image

📢 Stay Connected!

Join our community on Telegram and WhatsApp for instant updates, news, and exclusive offers.