In service want to start sole propritorship bisiness.
phalke chandrakant
(Querist) 13 June 2010
This query is : Resolved
Dear Sir,
Presently I am in service with electricity distribution company, maharashtra from last 11 years.I want to enter into realestate buisiness with farmouse project.Please guide me --
1) In service can I start sole propritorship business OR should I go for partnership business.
2) If,NOT...can I start same on sone one else from relative's name?
3) If,YES...what conditions should I state in doing agreement & what kind of agreement should I made with that relative.
4) When a profit margin increases, in legal terms? who should I deal with that relative on whose name business is started.
5) I want in any case start business. What best solution you can give me pl.I have son with age 7 years, wife is also in govt.service...please guide.
Sir, waiting for reply....It's URGENT,
Thanking you,
--Phalke.
Raj Kumar Makkad
(Expert) 13 June 2010
It shall be better to see the terms and conditions of your appointment with the present employer. Generally a person cannot do independent business while remaining in whole time service at some other place. No family member of you is in the position to run the business so depend upon your relatives as you told and the person in whose name the business shall stand, will be treated as owner of business.
You can form a partnership firm in the name of your son and the prospective relative and can do business under your supervision.
For details you engage some local lawyer.
Kumar Thadhani
(Expert) 14 June 2010
Since as you say that your son is aged 7 years he being the minor can only be admitted to the beneficiary of the partnership firm if you are form partnership business with your relatives.
Uma parameswaran
(Expert) 16 June 2010
If the service norms allow you can start proprietorship or partnership firm.In proprietorship no chance of any profit or loss sharing .But in partnership firm you have to take more care while making the partnership deed.
