Is this legally correct?

Question

want to start my own business...lets say Ive been working for a company who sells shoes and now I want to op
open my own co that sells shoes. I have to present a business plan to the bank . Now the bank is asking me to supply them with turnover, suppliers invoices and documentation from my old co. WHy is this ? Is this legit?????

Answer 1

No, it's not right at all. Perhaps the bank has misunderstood you and thought that you own the business you work in now and you're merely converting from a proprietorship or partnership to a company. In that case, it makes sense cos the presumption is that you will achieve close to what you've managed to, in the past. But if you are only an employee now and you're leaving to start your own co., how much turnover your co. made has nothing to do with what you can achieve on your own (no offence to you). If you release all those documents and your boss finds out, he can sue you.