Founding a company while on H1-B

[bluejackal06]

Hello,
Me and some of my colleagues are planning to start a company. My friends are all American citizens and I am on H1-B.

Is it possible to be a founder/co-founder of a company while on H1-B? What happens when the company gets sold or goes for a public issue? Does it affect my green card?

My friends are all committed to it, but i cant because of the above questions.

I would appreciate if anyone could enlighten me.

Thanks!

[txh1b]

You can just be an investor and get returns. You should not get involved with any activities of the company. Just the same way as you would buy stocks and have nothing to do with the company but could rather sell and make (should I rather say lose now?) money.

[knowledgeable]

You're good ..

... go ahead. Make sure you have a CPA who handles all financial documentation to the letter.

Good luck.

[bluejackal06]

Thanks "knowledgeable".

Is there anything special which needs to addressed in the documentation? Does it have to mention something about me being on a H1-B visa?

My biggest concern is my green card. Its currently being processed and i hope this co-founder status doesn't affect it.