Start-up while working FT

Is it legal to run your own start-up while working FT? I know sites like WSO were started by IBankers, but they are forums/information sites. What about sites that actually offer a product/service and charge for it?

 
Best Response
Edmundo Braverman:
nling:
If you work for a broker/dealer that's regulated by the SEC you have to report your other activities to your employer.

Wrong. You have to report other employment to your BD. You certainly don't have to tell them you're selling car parts on eBay. Your own gig is your own gig (unless it involves a regulated market or service).

I believe when you register with your U-4, you have to report your own gig as well to FINRA, and thereby you report to your firm as well. This is from FINRA U4 instructions,

"Enter "yes" or "no" to indicate whether you currently are engaged in any other business, either as a proprietor, partner, officer, director, employee, trustee, agent, or otherwise. Exclude non-investment-related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt. If you answer "yes" to this question, provide the following information:"

If someone is conducting business on their own, they're still technically considered a proprietor for tax purposes, and therefore they still have to report it. However, just because you have to report it, doesn't mean you're disallowed from doing it. That would be up to your BD.

If you're already registered and decide to earn money doing outside business activities, here's what FINRA says,

"The proposed rule would prohibit any person associated with a member firm from being employed by, or accepting compensation from, any other person for any outside business activity unless the individual has provided his employer firm with advance written notice. The rule also would apply to business activities that are outside the scope of an associated person's relationship with the employer firm."

So, if you're running your own business, you're still accepting compensation from a person for an outside business activity. Therefore, you would provide written notice for your employer. At least that's my interpretation of it. Feel free to correct me.

 

i would only jump ship if you have it in the bag. the people that the press focus on are the lottery winners. it is almost impossible to win the game as a small fish. i saw some black people focused magazine recently and they were talking about internet start ups. i dont care if you think im racist but that game is near peak or maybe only a few years away.

 

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