Dublin_Resident
Registered User
- Messages
- 23
Hi All,
I started a business earlier this year through the Back to Work Enterprise Allowance scheme. I'm enjoying the challenge of being self employed and the BTWEA contribution every week is a great help while I keep plugging away for new business.
I recently met with a small company in the same field as myself and they are interested in collaborating with me as I have some skills that would be very useful to them. It's very early days with this but the option of shares (for me) in this company has already been suggested in return for my services.
I'm guessing we are talking about a small percentage of equity: 5 to 10% for example. I don't believe they would have the resources to pay me a fee for my services as I don't think they are revenue generating as yet.
If I were to take shares in this business, would that void my BTWEA?
An ideal solution for me would be if I could take a small amount of equity in the business and devote a day or 2 a week to the startup while trying to grow my own business the rest of the time (I still need to generate income as there will be nothing coming from the startup, certainly not in the beginning anyway).
Would I still be regarded as a sole trader / self employed in this scenario?
Any thoughts or feedback on this would be greatly appreciated!
I started a business earlier this year through the Back to Work Enterprise Allowance scheme. I'm enjoying the challenge of being self employed and the BTWEA contribution every week is a great help while I keep plugging away for new business.
I recently met with a small company in the same field as myself and they are interested in collaborating with me as I have some skills that would be very useful to them. It's very early days with this but the option of shares (for me) in this company has already been suggested in return for my services.
I'm guessing we are talking about a small percentage of equity: 5 to 10% for example. I don't believe they would have the resources to pay me a fee for my services as I don't think they are revenue generating as yet.
If I were to take shares in this business, would that void my BTWEA?
An ideal solution for me would be if I could take a small amount of equity in the business and devote a day or 2 a week to the startup while trying to grow my own business the rest of the time (I still need to generate income as there will be nothing coming from the startup, certainly not in the beginning anyway).
Would I still be regarded as a sole trader / self employed in this scenario?
Any thoughts or feedback on this would be greatly appreciated!