What are the chances that my company finds out about my side business (LLP)
Me and a couple of my friends are all employed in different mncs and banks. We have a side business for which we have recently opened an LLP.
- Can these MNCs find out about our businesses without us disclosing it anywhere.
- One of our friends is employed in a reputed Indian bank, the issue is banks somehow already get info on any new LLP that is formed so are there any bank specific risks (Just a day after our LLP was formed two banks approaches us to open accounts with them)?
Shift it to your families, like wives or brothers or sisters
I want info on how to form LLP. Would you mind sharing links or something?
We consulted an external company to get it registered, had to submit a few documents, but because of external involvement took 2-3months to complete the process.
- Unlikely but yes they can. Some companies run background checks about moonlighting once a year. These firms will require you to disclose your tax returns.
- Yes that's pretty dangerous. Some banks like Nomura and credit suisse run such rigorous bg check that employment letter might come a month later if there's even one bit of difference
What's the best solution here? Even if we dissolve the partnership the process will take time but will then we be out of trouble?
Yes definitely, I had opened opc and had DIN. So deloitte asked me clarification and I sent them document showing closure form. You can open in your family members name.
I started my company (pvt ltd) while I was still employed, quit before they ever found out.