Own Company and EVL

[waitforAOS]

Hi gurus,

I'm planning to become partner (director) in my friend's company and work through that as consultant. I left my GC sponsoring company after 20 months. Can I use my own company's EVL for AC21 purpose? Thanks.

-WaitforAOS
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WAC - 02-105-xxxxx
RD: Feb 05, 2002

 

[gcard2002]

waitforAOS

The legal position is that an employee cannot be part of the company which is sponsoring his case. That means, he can only invest in the company but cannot hold a title, manage the company business in any capacity or even be a silent partner.

So, it does not work that way. Try to be just an employee of the company until your GC is approved. Also, the company should have a good history of filing taxes and good revenue to have the ability to pay wages.

 

[MrCoolz]

Here's what I'd do if I were in your situation -
Invest in your wife's/family member's name and stay as an employee in your partnership firm.
But remember like the earlier posting - you need to have atleast some(the more the better) financial transaction history of paying taxes, wages etc.
Other than that, I think, you should be fine.

-MrCoolz
RD:11/27/02