Bringing someone on board of a company

[oni123]

Hi all,

it my first posting to the forum. and its really is a great place to get educated information. therefore i hope to get answer of my questions here.


1.)
I am planning to venture out a company while on H1B. I know that as H1 i can be only a passive investor. Therefore i am bringing a friend of mine, who has GC, on board, as President of company to run the whole show. Realistically, since its goning to be a start from scratch, company wont make much. Therefore my question is that how would President of company be paid...if company does not make even minimium income in few months of starting ..to give him his wages...can he take a cut from profit ? can he work just on profit sharing ??? Would he be considered as employee of company ??

2.) my second question is : I have applied my GC, therefore as soon as I get my EAD can I start getting involved in day to day operations of the company. I will still continue to work full time job as I am doing presently. What will be my level of involvement ? Can i withdraw wages from company ?

3.) I am talking to attorney's here. And there are suggesting to open a C Corp. Does it make a difference whether I open a C Corp or LLC on H1B ?

Thanks you All
Oni123

[oni123]

thanks Joe,

That was real heplful.

Ofcourse CEO would draw wages. I was talking in the context when firm starts making bucks and if I can also share profits.

I would like to ask one more question in continuation of the thread.

Is it legal to start a LLC on my own once I get my EAD ? As mentioned earlier I will continue to work full time for my present employer. Can I make decisions and talk to the clients and draw wages ? How many hours a day I can work for my firm ?

Thanks a lot

[oni123]

thanks Joe,

Two more questions :

1.) Can The peroson who has GC become the CEO of C -Corp

2. ) what should be the legal status of member of board of directors of C Corp.

thanks
Oni

[oni123]

hi joe,

1. Can I get my C Corp ocnverted into LLC ??

2. My friend has EAD and I-140 approved. Currently he is working full time. Can he be CEO of my C Corp/LLC and while working full time as he is doing presently.

thanks

[oni123]

thanks Joe,

My friend will work when it is not interefering with his job. also we know that in start it will be very long time beofre company gets something.

Patience is virtue.


Oni