1. It's possible subject to the clauses in your offer/appointment letter/order.

2. In the alternative, you can obtain permission from your employer to be a partner for running a preschool by assuring your present employer that this act of yours does not affect your regular work schedule.

Your appointment letter may have a condition that till you are associated with the company , will not engage your self in any other commercial activity. Apart from that, no law which prohibit you from owning and running a firm.

Such condition is also not fatal if violated.

You would lose your job if you start fi for running preschool franchise 

2) one of terms of employment would be during course Of employment you cannot carry on any business 

Dear sir/madam

Normally any full time employee barred from owning and running partnership firm which has its own individual entity and they will be some problem if anybody complains to your employer. However you can run it if it is not disclosed to your employer and normally IT companies do not care if such private businesses are owned and run by its employees. Please check your service agreement with employer 

Working in two companies at the same amounts to duel employment, denying one person from earning livelihood, as such, you are not permitted to take up second employment.

By holding fulltime job (check T&C of your employment for clarity) you cannot take up second job / preschool franchise simultaneously, during in full time employment. 

There is no rule for preschool till date. No regulations or Act is constituted for the same

It's not illegal to work two jobs, but it could violate your current employment.

You may have to obtain permission from your firm's management for doing business while being employed with them.

They may be having a set of rules in this regard which would have been duly notified to you in their employment offer letter as conditions of employment.

Hence you may take it up legally so that you dont land up in trouble at a later stage.

See as you are already an employee of a company your agreement and terms of employment need to perused as you are permitted to do your own side business or be a sleeping partner in any firm or not.

1. Yes you cannot start your own business or take another job while you are on full time job with any organization but it still depends on the policies of organization you are working with. 

2. You can start the business on name of your family member.

The objectives of the two businesses or ventures should not be in conflict with each other. Also the contract with the company where you work is also relevant and has to be seen in order to assess your new venture.