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permfiling
06-06-2008, 01:07 AM
I was offered a equity to work part time for a company as equity is futuristic(I declined to get paid being on H1). Any suggestions

add78
06-06-2008, 11:06 AM
I was offered a equity to work part time for a company as equity is futuristic(I declined to get paid being on H1). Any suggestions
Consult an experience immigration attorney, try asking your own lawyer that you are using for H-1/GC filing.
In my opinion, merely starting a company with a citizen / permanent resident and sitting on the board in a passive stockholder fashion is perfectly fine (passive investment), or doing pure voluntary activities independent from your H-1 employer (e.g. charity / hospital work) is also fine. In your case, even though you may not be making any money (paychecks), you will still have to be working substantially and the equity stake does not make it purely voluntary (active investment with recurring work for that investment without DOL authorization), so I am guessing, No, but consult with an experienced attorney.
And as usual, please get involved in your local IV State Chapter and contribute generously to your own cause.

permfiling
06-25-2008, 03:33 AM
Thanks Add78. I cannot even take a fee for technical advice I give then

Member of NorthCal chapter

indyanguy
06-25-2008, 10:34 AM
I was in a similar situation few years back. My attorney at that time advised against it. He told me if I really wanted to go ahead with it and if the company is willing to pay salary (instead of equity), I would need to get a part time H1.

To get compensated in the equity form, the startup wanted me to sign a document that had details about how much equity is earned over time. I sent this document to my attorney and he said it's unsafe to do it. His reason was it was not "passive work"

add78
06-25-2008, 11:36 AM
Usually, people get equity in the company they are already working for with authorization (employee stock option plan). Or you can independently invest in the stock market, since it is a passive investment and then sell to make a profit and report it on tax returns. Any equity stake for non authorized (apart from working employer) company which is provided as a return for some sort of work (whether consulting or advisory or otherwise) is active work-->pay in form of equity--> active investment/work for that company, which I think is NOTallowed unless you have work authorization for that company. If they really need your advice / consult then it is perfectly ok for them to apply for your H-1 (you can hold multiple H-1s) and then pay you in equity / salary and for you to give them advice / consult.
But please consult with an experienced immigration attorney.

permfiling
06-26-2008, 01:59 PM
I guess getting a concurrent part time H1 is the best option