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Gagan Bihari Das Mohapatra (Managing Partner)     17 September 2014

Business

Dear Sir,

I am the Managing Partner of an Security Agency(Partnership Firm).  Now Two friends, those who are working in a Organisation  saying me, as they are staying in Capital, they can devlop business in capital and other city.  They do not want to be Employees of this Agency, But  they wants Profit Share.  Then What should be their Portfolio/Designation incorporated  in  Agreement. Can I or We do agreement with them ? Whether EPF & ESI shall be deposited in their favour. Which type of Agreement should be executed with them ?



Learning

 2 Replies

T. Kalaiselvan, Advocate (Advocate)     26 September 2014

This is matter of   the procedural formalities to be observed on the basis of ground realities, better consult your auditor or a consultant and proceed as per the advises rendered in accordance to the situation.

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Kumar Doab (FIN)     27 September 2014

They can be brought in as partner, employee……………………..

You can draw a remuneration structure for them linked with performance/achievement.

Are they willing to invest or they just wanting partnership in lieu of business that they project?

 

Think twice before making them partner………………………………and in case you agree let your lawyer structure and draft the deed to defend your interest and protect you from legal traps.

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