Can I have my own legitimate business and work for a company in the same business at the same time?

I'm trying to start my own business but I don't want to jump right into it which is the reason why I need to keep my day job. The company I work for is the same company I want to start. Is it possible to do both at the same time. Please Help.

Asked By: entrepreneur - 6/30/2008
Best Answer - Chosen by Asker
Yes, you would have to claim all income! business owner pays 9% cpp and Employee pays 4.5%. so in total you will be paying your boss 4.5 and you at tax time paying 9 in total 13.5!! It can be at advantage to payout 13.5 if you have a good accountant to give you insights. Make sure you do not tread on on your employers... More
Answered By: lindcoff - 6/30/2008
Additional Answers (2)
What kind of a question is that? of course yes! as long as you manage things properly. Conflict of interest is another aspect you should look at closely and most of all to be close to your boss because time will come your other business myt demand a bit of time in an unexpected day of the week... More
Answered By: hugzroy - 6/30/2008
I agree with you because it takes time to set up our business and see the fruits of our hardwork. If you are starting a business the same with your company you work don't you think there is a conflict of interest... More
Answered By: Jojo M - 7/1/2008
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