Business on H-1...URGENT

[businesshelp]

Hi, I am on my H-1 and working with a company. I am interested in opening a company (LLC or Incorp). Reading by all the threads, I’ve made out that I can open a company but can’t get the paycheck from it.
I’ve a friend who has GC and he is ready to help me.
I want to be the 100% owner of the company and of the profits.
What kind company should I go for?
How should be the structure of the company?
Should I sign my friend as a manager or member?
How I am going to get my profit from the company?
Can I sign all the papers?


Please suggest me the way to do this.

Thanks

[businesshelp]

Hi Joe,
Thanks for your guidance. Looking for some more help.
CASE: I am on H-1 and want to open a consulting company. My friend has Green Card and he is ready to help me by working for my company, since I am working with other company so I can not work and get my pay check from my company.
I am going for LLC and want to be the sole owner of the company. My friend will be running the company as CEO or Manager.
1) Can I be the 100% owner of the company?
2) Do I have to pay my friend who is working as CEO or Manager, though he is ready to work for free since he owns other business too and If yes then is there any minimum that I’ve to pay him.
3) When you fill up the form for LLC it asks for names of members or managers should I mention my friend and my name there?

Thanks
Any additional information will be a great help.

[businesshelp]

man, you`re awesome!
Thank you. I think, I am goin to bug you some more but later.
Let me talk to a CPA for now.

If anyone has any experience in doing the business, the way i am planning please do let me know your experience.

Thanks

[naudurivsm]

Hi,

I have he follwoing questions;

An H1-B can open a Company but Can not work paid or unpaid for the same company. I understood.

1. Can his/ her name be on any of the documents of the comapny? like one of the directors etc. ? As while forming company you have to give the owner's name etc.

2. If the H1-B as a Canadian PR and he is in US
-- involve himself in some way ( certainly NOT full time ) and get some
money out of the company in terms of Salary/ Wages or Commission or
profit share in CANADIAN currency and paid into his Canadian account. ( by way of a demand Draft) which can only be cashed in Canada. - Pay for Taxes etc in Canada as a regular Canadian PR perosn ?

You response and suggestion is highly appreciated.

Thanks in advance.

[naudurivsm]

Hi ****,

Thanks for the suggestion.
Does that get any better if he'she becomes employee of the same comany
by applyinig for H1 and getting it? Since once he becomes employee he can
work in that as well and get paid etc.

What are other pros and cons of this situation?

Thanks once again in Advance.