How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Damien Bosco Your Own Question
Damien Bosco
Damien Bosco, Attorney
Category: Business Law
Satisfied Customers: 2344
Experience:  Helping you with your legal questions.
68302747
Type Your Business Law Question Here...
Damien Bosco is online now
A new question is answered every 9 seconds

I'm on H1B and would like to start an IT consulting firm. Or

Customer Question

Hi, I'm on H1B and would like to start an IT consulting firm. Or partnership in an IT consulting company. No way I would be related to this company, except like a shareholder investing money into it. If I can have partnership legally, how can I take the profit share out of the company. Thanks
Submitted: 9 months ago.
Category: Business Law
Expert:  Damien Bosco replied 9 months ago.

You can be a passive investor and receive profit. You just have to make sure you do not work. Make sure that there is a by-law stating that you are a total passive investor and not an officer. Outline the job duties of the officers in the by-laws.

Customer: replied 9 months ago.
Thanks for your response. When you say passive investor, do I have to show on papers about funds that I would be putting in? Also, how do I take profits out it?Thanks
Expert:  Damien Bosco replied 9 months ago.

The concern is that you do not work on or in the business, but only are investing in it. The amount of the investment is not the issue, nor how you take profit. The issue is violating the visa regarding working. The safest way is not to have any say in anything but what you invest and how much you get back.

Related Business Law Questions