You can start an LLP for the same it will have benefits like a pvt limited company

You cannot during course of your employment carry on another business 

It would be ground for  termination from service 

3) Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of a LLP shall not affect the existence, rights or liabilities of the LLP.

4) the income of an LLP is taxed only the hands of LLP and not the Partners. The entire taxation of LLPs is similar to the existing taxation pattern applicable to Partnerships registered and formed under The Indian Partnership Act, 1932.[

One of the most important decisions startups need to make when starting the business is about the organization of the business. Startups face dilemma, whether to go for Limited Liability Partnership (LLP) or Limited Company (Company), as whether you choose a Company or a LLP will determine who can share ownership of the business, management of the business, how the business is taxed and who will be held liable for the business's debts.

Startups should decide based on their long term objectivity, in the initial stage, the size of operation would be small, but they should ask themselves where they want to see their startup down the line say five years.

Startups should decide based on their long term objectivity, in the initial stage, the size of operation would be small, but they should ask themselves where they want to see their startup down the line say five years.

Incorporating a LLP is cost effective compared to a Company, as the minimum statutory fee for incorporation of a Company is Rs.6000, whereas that of LLP is Rs. 800.

Forming LLP requires lesser legal compliance, for instance, at the time of incorporation, neither LLP Agreement nor the state in which it is incorporated, and is required to be filed and can be filed within 30 days from the date of registration in Form 3.

 In addition to Form 3, for incorporating a Company or LLP, different Forms are applicable with respect to

(i) Name Approval,

(ii) Details of directors/ partners, and

(iii) Place of registered office.

Also, a Company is required to incorporate with minimum paid up capital of Rs.1 Lacs, whereas there is no such minimum specified limit in case of LLP. Also, unlike Companies, compliance such as holding of statutory meetings, quarterly board meetings and similar compliance are not required for LLPs.

Partnership is easy to form, just registration of partnership deed at sub registrar office.

LLP formation is same as company incorporation. More formalities.

Employees can form partnership but without knowledge of employer.

You can make a private limited company in this case or can choose a LLP to limit your liabilities. 

See since you all are employed your employment terms has to be seen that you can start on your business or not.

1. IF you are thinking of long term business modules in terms of, national & international clients, large capital infusion by various means, generating business goodwill & financial stability, THEN you are advised to register a Private Limited Co. wherein all three can be directors.

2. LLP or Partnership, will be rated 2:10 vis-a-vis Pvt. Ltd., by clients and investors alike.

1. The best way to setup a firm is to make a partnership deed and registering the firm.

2. But your employment can be problem as during employment you cannot setup your own business.

3. So you may have to leave job before initiation of business. 

Pvt. Ltd. Company is ideal if your business model requires you to get funding at a future date, and will require you to add additional directors.

LLP or a partnership at will is a formed when partners enter into a business contract, where the partners are jointly liable. An LLP, however, is governed by the Limited Liability Partnership Act, 2008, which limits the liability of a partner from the joint liability of a partner’s decision or misconduct.

You can consult a lawyer or a CA who can advise you based on your requirements..