Is there a conflict of interest supplying my full-time job with products from my side business?
So I'm sure I'm not the first person to ask this, but I am getting mixed opinions and most aren't sure of the correct answer for me. I have a child and a wife to take care of along with a house, cars, etc. so I don't want to do this incorrectly and get myself in a ditch.
So my brother and I had an idea for a business, basically a re-seller... we would source out wholesalers and accounts to give us discounted goods and turn around and sell them to businesses that need them.
It's a legit business, and we already had an offer to have the first account but here's the issue:
I work full time as a finance person at this company, and a friend of mine works in the kitchen as the director. He told me he would utilize his budget for the facility, which is $10,000 a month and use my side business as his preferred vendor. He has the freedom to pick whomever he wants to spend his budget with, and he would like to help me grow outside of work by offering me the work.
Is this a conflict because I work full time for the company I would be supplying?
I need to establish an LLC, would it be safer to have my wife register the LLC to avoid using my name?
I can't afford to lose the job I have now, I would much rather avoid the account altogether if I can be terminated... but I wasn't sure if this was legit because he needs kitchen supplies, and I wouldn't be selling back finance products for my own gain.
Can anyone clarify? Thank you.
Wow, you have a muddy situation here, I wanted to answer your LLC question here but bring up a few things of importance first. LLCs are designed to protect assets and members simultaneously not hide members you should be an officer for legitimacy, legality and a number of other reasons. Honesty is always the best policy first of all and transparency in what you do will look even better if there were later calls made of impropriety. The short answer is no problem based on two things.
1. Selling the products at a profit yet below any competing bids.
2. The kitchen director getting multiple bids. It's pretty straight forward if you hold the companies best interest before your own personal interests and your LLC provides a service at a competitive price.