Venture with pvt ltd co.
Vikas
(Querist) 02 April 2012
This query is : Resolved
Respected Expert,
My client is a Chemical Engineer and he is working in a chemical company. A nearby Pvt. Ltd. Chemical Co has approached my client to operate its Co.
The Director’s of approached Company has no knowledge about the chemical company, so they want my client to operate its Co. So now they are hiring my client to operate its Co, The condition of their venture is as below
1. My client will operate the Co and at the same time he will continue his previous job also.
2.50-50% Profit sharing ratio (after deducting all expenses)
3.My client will not be Director of the Co
4.Whole admiration of Co will be in the hands of my client.
5.My client is not responsible for Co’s loans
So in such condition how can my client make agreement or MOU with the said Pvt. Ltd Co regarding the operation of the Co. Please guide.
ajay sethi
(Expert) 02 April 2012
if you are employed with another company you cannot operate another company . if your employer comes to know you will be sacked immediatedly .
f you are in charge of operations youwill be liable for acts done by company
contact a lawyer for deatiled consultations
Vikas
(Querist) 02 April 2012
Thank you Sethi Sir
Sir if my client goes into any agreement or MoU, he going to do it in the name of his spouse (she is also Chemical Engineer).
ajay sethi
(Expert) 02 April 2012
but the client should not sign any documents . his name should not appear on any file. no emails should be addressed to him . no payments to be made to him
Vikas
(Querist) 02 April 2012
Yes Sir
So further how it is better, to make any Agreement or MoU? If we make any agreement or MoU is it valid under Co's Law ?
Sir Please guide
ESTHERPRIYA
(Expert) 02 April 2012
It should be in the name of Services Agreement containing exclusive clauses on both of the parties without misusing either side in any ways and involving the entire commercials involved therein.
Vikas
(Querist) 02 April 2012
Respected ESTHERPRIYA
If under go Services Agreement, can we share Profit and etc ?
Please guide
Raj Kumar Makkad
(Expert) 02 April 2012
Vikas you client can enter into MOU with the company in the name of his wife on the mutually agreed terms and conditions. Your information is not sufficient so collect entire information and then post it appropriately.
Vikas
(Querist) 02 April 2012
Respected Makkad Sir thanks for your post
Sir Please let me know what more information I should forward so that I can get your expert advice
Shonee Kapoor
(Expert) 02 April 2012
I agree with considered advise of Ld. Sethi and Ld. Makkad.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
