JoeF and other gurus, please help with these questions about H1, C-corp, tax etc

J

jmxu

Registered Users (C)
I am currently in US on H1 visa. My friend is out of US, but he is interested in starting up a e-business in US. Therefore he asked me to be his partner and we incorporated a Delaware C corp last May. The only reason that I become his partner is that he thinks it's much easier since I am in the US now. His idea is that through this e-business he will sell some software products that he developed in his country.

Here are my questions:

1. Today after reading the old posts, I begin to know that I am not supposed to work for my own business in any way. However, I already helped to apply for the bank business account, signed some paperworks etc last year. I do not know if it is legal or not?

2. Can I help to hire a CFA for the business? is this also considered a "work" for the company?

3. After the business is incorportaed, there is almost no activity going on with it. So do we still need to declare the tax? I will definitely check with the CPA, but I would like some information in mind first. Also what is the deadline for the tax return?

4. I am already regretting about the decision to incorporate this business with my friend considering so much troubles under H1 status. How can I quit being an owner of the company? Will my quitting affect this business in any way?

Thank you very much for your help. Please bear with me about my questions because I know very little in this field.
 
JoeF;

Thank you very much for your replies. I am quite upset that I might have been illegal since I signed some bank account application form. Is there any way that I can rescue this situation and what suggestion can you give me?

I really regret that I joined in my friend to start up the company before I understand the whole process. I just hope that I can do anything to save myself from this situation.

I still have a few questions. Could you please kindly help me out?

1. How will my "illegal" affect me in the future, eg green card application? I know that people who were out of status for a while (eg laid off in H1) can still turn out ok. So how is my case?

2. Since my friend is out of US, does it mean that he cannot do anything/sign any paperwork for the company either? Instead, he needs to get a "CEO" who is authorized to work here.

3. In order to quit being an owner of the company, what should I do? You mentioned sth about selling the shares, but I donot think that I am authorized any shares at all. When a Delaware company is registered, it only requires the names of the owner. Nothing about stockholders, shares are required. So I am not even sure about how many shares I have in the company.

Thank you very much for your help.

fly
 
JoeF:

Thanks for taking your time to answer my question. I wish I had found this forum before I started the company.

So how will anyone (eg USCIS) be able to find out that I have signed the bank paperworks? I just want to know what I can do in this case...
 
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