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Damien Bosco
Damien Bosco, Attorney
Category: Business Law
Satisfied Customers: 2580
Experience:  Helping you with your legal questions.
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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: 1 year ago.
Category: Business Law
Expert:  Damien Bosco replied 1 year 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 1 year 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 1 year 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.

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