H1B transfer to a garage company?

[paulnews]

Is it possible to transfer H1B, to start and join a company with home address and modest pay (compliant to LCA) ?

I am talking about company probably with ust 2 employee (one boss U.S. citizen, one engineer). They own equal shares, so the engineer invest and pay himself. This is not because get laidoff and keep temp job, but really serious about some ideas to work on own company.

Is there any catch about the H1B application? I know that GC sponsorship is almost impossible in that way (because of > 5% of self ownership).

[jaxen]

Yes, you can join such company. In GC need to prove that they are not your blood relatives that is all.

[paulnews]

Thanks for your reply, Jaxen.

You wrote: as long as not blood relatives, then it's okay for GC.

I forgot somewhere I read that if I own shares of that company for more than 5% (?), then the company cannot sponsor my GC. Am I wrong about this information ? Please correct / confirm.

Also, may I know how much I need to invest to be qualified for GC through investment ? I read somewhere it needs to be > $500k, but recently I also read from this newsgroup that there is no specific amount. Which is right ?