We, 2 co-founders, want to start off our new start-up business. please clarify our questions regarding starting a new business

Asked over 1 year ago - San Francisco, CA

1) I work at a fortune 500 company. Could I face any problems in embarking on my own company while working at the fortune 500 company?

2) One of the co-founders holds OPT and other holds U.S. Green card. How could we file our company and hold 50% share of the start-up?

3) Which type of company is best for startup to separate personal finances? And can we show our home address as physical office address?

Attorney answers (3)

  1. Scott Richard Kaufman

    Pro

    Contributor Level 20

    5

    Lawyers agree

    Answered . You will both need a sit down for 30 to 60 minutes with a "real" attorney instead of looking for free advice here. You each should have your OWN attorney representing your interests. In the end that money will be money very well spent...

  2. Shawn Regis Jackson

    Contributor Level 15

    Answered . Let's take your questions one by one. On the first question, the answer may very well be "yes", you could face a variety of problems since you currently work for a company...not the least of which whether you or your current employer actually own any derivative intellectual property that you may develop for the "new" company; For the second question, we would need to know more information about all of the founders and other key persons to provide an adequate answer; As to which start up company will, in part, depend upon the citizenship of the founders/owners as well as funding strategies, management styles, tax positions and exit strategy. So, yes, you will want to schedule a free initial consultation

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    want to select an attorney, or two, to have that first initial "free" 30-60 minute conference call.

  3. Dana Howard Shultz

    Contributor Level 20

    Answered . 1. Your Q is so open-ended that one almost is forced to say "Yes, you *could*." However, to the extent that you ensure that your business is different from your employer's existing or planned business activities; you do not use any employer resources or intellectual property for your business; and do not use work time for your own business activities, you can minimize such problems.

    2. The intent of your Q is not clear. Even if it were clear, you are raising issues that are way too broad to discuss here.

    3. The first part is too broad to answer here. Yes, a home address can be a business's address.

    I agree with my colleagues: You need to have a lawyer walk you through these issues.

    This information does not constitute legal advice and does not establish an attorney-client relationship.

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