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uniquark

Some questions on starting a LLC on F1 visa

By uniquark in Student & Exchange Visitor Visas

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uniquark Newbie

uniquark   0

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Filed: F-1 Visa Timeline
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I am a full time student (not on OPT) and am planning to start a LLC.
I know that I can't work for my company. So I asked a friend (a US citizen) to join with me and he agreed.
So here is my questions:

1. How much share can I own? Can I own 90'% and my friend own 10%? Is there a limitation?
2. Are there any problems with hiring employers if I own 90%?
3. Can I be the chairman or the president (only to oversee and will not be paid)?
4. My friend will be the CEO, the managing member. He don't want to be paid. But that is not legal, right? So what is the lowest possible wage for him? Can I pay him only by some shares of the company? He is a member. Is it considered as a self-employment and no need to pay?

Thank you

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Boiler Grand Master

Boiler   45,558

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Filed: K-1 Visa Country: Wales
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Whar do you mean by oversee.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

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canadian_wife Grand Master

canadian_wife   1,822

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Will you be drawing a salary? Isn't that working then?

good luck

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SBB Enthusiast

SBB   74

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Filed: Citizen (pnd) Country: China
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A lawyer would be the best person to talk to about this.

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JayJayH Proficient

JayJayH   546

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Filed: Lift. Cond. (apr) Country: South Korea
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I'd speak to a lawyer about this one. It's tricky.

You can certainly own a business, but you cannot "work."

There's a fine line there somewhere.

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jan22 Experienced

jan22   3,056

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Filed: Timeline
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I'd speak to a lawyer about this one. It's tricky.

You can certainly own a business, but you cannot "work."

There's a fine line there somewhere.

But that line is crossed if you mean that you will be doing the hiring (that's working in your company) and overseeing the business (managing and directing its activities) while your "partner" does nothing.

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JayJayH Proficient

JayJayH   546

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Filed: Lift. Cond. (apr) Country: South Korea
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But that line is crossed if you mean that you will be doing the hiring (that's working in your company) and overseeing the business (managing and directing its activities) while your "partner" does nothing.

Generally, if you engage in any work, paid or unpaid, that could otherwise be done by an American or permanent resident, you are breaking the law and are thus in violation of your student status.

This is why I'd at least consult with an attorney, or at the very least your international student advisor before doing anything.

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