LLC set up - one US GC holder, two Foreigners

[bluewhalellc]

Hi, I want to set up a LLC company with two friends in china doing import/export raw material business. I am a green card holder, and my partners in china are chinese citizens.

Can anyone suggest what documents do I need from them to set up the LLC comapany here in CA? I asked one laywer, and the assistant said I only need their name and address, but my CPA said I need their original passport. Who is right?

and what form should I file?

If they want to come here by E visa, does our company need to have certain capital? Now we are just a start-up.

thanks
Sunny

 

[billy__bob]

I have never asked my shareholders a copy of their passport. And as far as I remember, the partners in my company (a C-corp) also never provided copies of passports but the rules might be different for an LLC. BTW: In these cases I always go with my attorney and my CPA as a second opinion. It might be a good idea to get a copy of their passport, just to be sure to know the PinYin (=Western alphabet) spelling of their names. Also, in PR China names are mostly mentioned as last name first followed by first name. I have had problems with that. My lawyer once switched the names around since he didn't know the switch.

My tip to you: let your CPA/ lawyer set up the entity and assist with the filing. It can cost a little more but it's worth the money especially when you later want to switch to a Corp .

Regarding your partners: as far as I know, there is no E-treaty between PR China and the US. So unless they also have a different nationality, they cannot get an E visa. Your alternatives might be L1 visas (requires existence of an entity in China and employment of at least a year), or H1b visas.