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Business partner runs 2nd business.

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  • 08-05-2016 5:18pm
    #1
    anon1988
    Registered Users Posts: 1 ✭


    Hi all,

    My business partner runs a 2nd business and I find they spend a good bit of the week doing duties for this 2nd business which means calls are constant and quotes are being done on our business time.

    Anyone had a similar issue? any advice?


Comments

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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    As long as they are fulling their duties then I see no problem but if their attention being on the other business is costing your business money then obviously it's time for it to be raised. This really should have been agreed upon whenever the second business was started.


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    #3
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    +1 on jimmii's comment. You really need a shareholders' agreement. Company case law is written as a result of those saying "Shur we don't need one of them".


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    #4
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    IMO they are setting up a fall back incase your business venture doesnt do well or they are planning on leaving eventually. I know a few people who started a 'side line' business in while working for another company. Eventually most of them jumped ship and committed fully to their own business

    Does this business have the potential to compete with your existing business?


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    #5
    Hollister11
    Closed Accounts Posts: 5,482 ✭✭✭Hollister11


    Did you write up a 'Partnership Agreement' upon starting your business?

    If so this should specify, what his obligations are, and once he is fulfilling these, there is nothing to stop him operating a 2nd business.


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