Hi guys I'm new and I need urgent help!

Discussion in 'Growing and Managing a Business' started by Ryanunderwood, May 29, 2012.

  1. Ryanunderwood

    Ryanunderwood
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    Hi i need some help, I am currently employed by an air conditioning company but want to do work for myself in the evenings and weekends. I have a nursery very interested in me to install air conditioning (approx 12k job about 4k profit).
    What I want to know is how can I legally do this? Would my company have to know or be able to find out? do I have to register as a sole trader? Can I register and still be employed? How would tax work as I currently earn 35k so would anything i make be taxed 40% or would it be lower as this is separate to my employment?
    I am very new to this and will appreciate any help that can be offered.
    Thanks, Ryan
     
  2. firstchoicecar

    firstchoicecar
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    Do this 2 companies signed you a Contract?
     
  3. Fergal

    Fergal
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    Ryan, what country is your business based in?

    Some employers have contracts with their employees, which prohibits them from doing contract work / nixers in their spare time. Did you check to see what your employer's policy is in this regards?
     
  4. StarBC

    StarBC
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    Hi Ryan!
    If you and/or your potential client are not restricted with contracts you are ok. If you live in the USA generally you don't have to register your sole proprietorship unless you want to do your business under another name. But every state has different laws. Enter the websites of your Secretary of State and County Auditor to get more information about it or tell me the state you live in & I'll tell you.

    If you a sole proprietor you should pay quarterly federal & state (sometimes local) estimated taxes. Don't forget Social Security and Medicare portions when making estimates for your federal taxes.

    Make sure that you service is not liable for additional state taxes (like sale taxes, sometimes even service providers must pay them).

    Can you provide more details about where you live?
     
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  5. Navida

    Navida
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    Yes, it all depends on your country's rules and on your contract with your employer. As every country’s employments rules and regulations are different from each other and you have to follow these rules as per law.
     
  6. helix2301

    helix2301
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    It all depends on your situation I recommend if you are in the USA incorporate as an LLC to reduce liability issues. I there are web sites to look up LLC owners but if you wanted to an don't have an exclusivity deal with your current employer there is nothing illegal about owning your own company.
     
  7. sigma

    sigma
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    If depends on your contract between you and your employer, some employer do not allow employer to work part time especially in same field. If your company is fine for that, then you can go ahead for it
     
  8. patrick0001

    patrick0001
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    usually a company may find out that, when the company is losing client and company profit. If you are not taking company client and company resource, it should not be a big problem. Why a company sue an employee, are the boss very free? It is a all about conflict of business revenue.
     
  9. Owen

    Owen
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    You would need valid EPA or equivalent HVAC License to install HVAC systems.

    Some companies like Goodman needs certified installer's signature to claim warranty. So if you have valid license there will not be any issues with working freelancing apart from your current job.

    May I know which company you are working?
     
  10. jcworlditsme

    jcworlditsme
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    This I didn't know, wonder if any employers here in the UK have any such contracts.
     
  11. Fergal

    Fergal
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    I'd be sure that lots of them do JC. It is not uncommon, employers do it to prevent their own employees from competing against them and in an effort to increase the level of commitment they get from those employees.
     

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