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Can I start my own business if working for one company
17-Mar-2023 (In Startup Law)
My startup is getting incubated in a firm. I am an employee of the same firm, and it was verbally agreed that I would be developing the product for the firm and then later move on and do my own thing. However I am soon reaching the place where I have completely developed it for the firm and am moving out to start my own. In my employment contract none of it mentioned and neither have they mentioned about IP rights. Since it was only verbally agreed, does the firm stand in opportunity to sue me in case I start the same thing on my own? Could you provide some guidance.
Even if it is not mentioned in the Contract about such IP, still by principle of laws and precedents, the company is the rightful owner.
Starting your own business on the same line is linked to your employment terms, if there is a non-compete clause, you may have reasonable restrictions on starting the business. You may get in touch with us for more information and deliberation.
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Adv. Sandeep Hegde
Bangalore | 100+ Answers
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