QUESTION
If a business is started by F1 student and US citizen, can the citizen leave the business and leave sole ownership to the F1 student?
Asked on Sep 19th, 2012 on Immigration - Pennsylvania
More details to this question:
We started the business in Jan 2012 and due to differences, the US citizen partner wants to part ways and be out of the LLC membership. Can I (F1) still retain ownership of the LLC and keep it going (without "working" for it) as the sole owner. Or do I need to get a new US citizen/resident member?
Ideally I do not want to dissolve it but would do so if that is the only option.
1 ANSWER
U.S. Immigration and Nationality Law Attorney serving San Diego, CA
Partner at
Kazmi & Sakata
1 Award
You may own membership in an LLC, much like owning stock in Apple or IBM. Thus, if you are not working for the LLC, but only owning it, you do not need another US citizen or Resident to be a member. Best of Luck!
Answered on Sep 19th, 2012 at 4:37 PM