Are you salaried person and wish to become Partner in LLP ? The answer is Yes. In India you can run as many businesses as you wish. Any salaried person can become partner in Limited Liability partnership firm. However he / she need to check whether the employment contract allows. Most of time if any one working with MNC companies these companies have an employment agreement. Such agreement have conditions that shall not apply anywhere for any kind of employment or involve in any other business, then you cannot become a partner in LLP or any other business structure.
Where salaried person having employment agreement and wish to become partner in LLP. The solution that you must take no objection certificate by employer. Means your employers is not having any objection if your partner in LLP. Taking consent of employers is writing is needed.
When salaried person becomes a partner in LLP then he needs to form LLP agreement with partners. The LLP agreement has terms , conditions , scope of work , capital , profit loss sharing ratio. LLP agreement is binding on partners. Hence before entering into LLP agreement one must understand pros and corns of agreement terms.
If salaried person is in a Government job then he / she is not allowed to become partner in LLP. Its better to take prior approval by the respective authority before forming a partnership firm.
Hence unless there are specific restrictions by employment agreement anyone can become a partner in LLP. The process to become partner in LLP is simple and online. As per agreement form salaried person need to attend duties as agreed between partners.
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Baljiyam truffle. Pastry.