Share a Single proprietorship company

Hai am a fresh engineering garduate. I am from Chennai, Tamil Nadu. My friends and I started to do website designing, visual effects for movies, animation and more from our second year of college. That time it was for fun but later it grew out to be a successful start up like. Now we are group of 6 people who actually started 3 years ago and amongst the six, my friend always tries to take lead and as of now he is the single propertier of our startup. Legally we (the other 5 of 6 including me)have no say over the start up but its going on a mutual trust. But i guess now the times are changing.

As of now we hired a office, purchased computers and other accessories. Here i wish to make a important note that, to set up this office we used the money that we earned during our last 3 years and no money came out of individual pocket. And my friend(the present single proprietor) knows this well.

And now among 6 people the proprietor runs the organisation full time and we other five work with him. Myself and another friend among 5(excluding proprietor) have a job offer from an MNC and we are going to join that in a week or month for the reason we need corporate exposure and we will return back after 2 years.

Now my question is, it is possible to sign some kind of agreement with the proprietor that we, the other five own equal share in the company. Note: I cannot be a partner because my MNC will not allow it. If we can sign such with the proprietor then what kind of agreement it is, and what should i do for that. I am a complete novice, please help me with this legal issue. I dont wish to lose my 3 years of hardwork for someone else who doesnt deserve that much. Please explain me in simple terms like step by step, i know asking such is quiet annoying but i am helpless. Thanks in advance.


Oops this vibrant forum seems inactive for my post :(




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