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Anonymous

Hey I am on Medial • 1y

Hello all, can someone tell me best way to start an LLP while working a full time job? I aim to start a software consultancy specializing in data engineering and data analytics projects on contract/ad-hoc basis : generating certain revenue to suppo

Anonymous 1

Hey I am on Medial • 1y

When you register your LLP, your PAN details will be tied to the business, but that doesn’t automatically alert your employer unless there’s some tax overlap. Just make sure you’re handling personal and business finances separately to avoid raising f

Anonymous

Hey I am on Medial • 1y

thanks. but company pan will be different right? so in llp it should be seen separately if i am not wrong?

CS Akshay Vernekar

Practicing Company S... • 1y

Yes, LLP is different from individuals. LLP will have it's own PAN independent of its Designated Partners (DP). However when being appointed as the DP you will need DIN which is PAN based. Having said that is you don't derive any remuneration from LL

Anonymous

Hey I am on Medial • 1y

thanks a lot Akshay. i work in accenture actually. you can get the picture - so if you can tell me a little that what would be the good way, say i pursue this and how I can derive some "income" funds for my family from the venture i start? can this way also work if I name the LLP under my mother and brother : working silently as the owner/developer in front of the clients and simply they can derive it? later if my venture works fine - can i remove one of them as partner and work as one of the main person?

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CS Akshay Vernekar

Practicing Company S... • 1y

Definitely. You can induct family members as the DP in your LLP. they can derive profits and you work in the background. You can even portray yourself as the Owner of the LLP. As long as your work speaks for yourself no one will question the authority. Profits can be withdrawn as the salary to your family members. Until you are ready to get into your startup full-time they can be the face of the organisation and you can be the Mastermind. Having said that getting into the business is also challenging as your clients may need you at all times, considering where you work and the system restrictions you may have to face a lot of problems when it comes to execution during office hours when there is a dependency for you.

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