What do I need to be aware of in a new business venture?

A friend has asked me to work with her on a startup business venture offering domestic cleaning to London households.
Using a team of ten cleaners, the business would offer a local service with my friend as the managing director and myself as an advisor.
As I have a full time job and my employer would most probably prohibit me working on another job, even in my own time,
I cannot become a director as this would be declared by Companies House.
What steps do I need to take to ensure I protect my interests in the business?
Thanks
TJ

Get a simple document drawn up between you that is approved by a solicitor. No matter how good friends you may be, if there's a problem you both need to know where you stand. Rough out something yourselves and then take it to the solicitor.

Set out what each of you does in the company, your respective share of the business, what remuneration, how it will be paid and what happens in the event of one of you wanting out of the arrangement, for whatever reason. Also be clear about who has what rights in making decisions.

In one of our companies, my husband and I are the only directors but we still have a directors' agreement. It's important to have something drawn up between you. It could help preserve your friendship if something goes wrong.

Are you sure you couldn't be a director? Just because you're registered as a director at Companies House, doesn't necessarily mean you're a full time employee of the company.

As I mentioned in my response to your other question about employment, speak to your local Business Link. They'll give you guidance on this one, too.

Good luck!

unless you can give 100% to your new venture you will not survive.The amount of effort and worry that goes into starting a new business is unbelieveable.you mention your friend.get this printed on a tee-shirt....".there are no friends in business."
go for it.