What is the name of your state (only U.S. law)? IL
Hi,
my friend (aka Jekyll) has been in the US via an Employer Sponsored visa on a J1. This company was setup with another friend (aka Hyde) as a C-Corp.
Currently Hyde own 100% of the company, and Jekyll just works for him. Jekyll has SSN and all paperwork is in order and is currently applying for an E1.
Currently they are in the process of transferring 60% of the company to Jekyll since he initially was the one with the idea and is doing the all the work.
Abel knows for a fact the Hyde is not managing the company right. Hyde is taking a tax withholding from Jekyll but he is not paying the IRS (at least not to Jekyll knowledge and he asked him several times to show proof). Also Hyde is not clear as to all the expendings in the company.
The only reason that Jekyll decided to go with Hyde was because he was convinced that the only way to setup a C-Corp company was if the company was setup 100% by a US Citizen. is this true?
Now their relationship (business and social) has crumble and Jekyll wishes to remove Hyde from the company after he get 60% of the shares.
What options does Jekyll has to remove Hyde from the company? Buy his shares? what price? does Hyde has an option to refuse to sell? in other words can Jekyll force a buyout on Hyde?
Will this affect his visa status?
Thanks in advance!
Hi,
my friend (aka Jekyll) has been in the US via an Employer Sponsored visa on a J1. This company was setup with another friend (aka Hyde) as a C-Corp.
Currently Hyde own 100% of the company, and Jekyll just works for him. Jekyll has SSN and all paperwork is in order and is currently applying for an E1.
Currently they are in the process of transferring 60% of the company to Jekyll since he initially was the one with the idea and is doing the all the work.
Abel knows for a fact the Hyde is not managing the company right. Hyde is taking a tax withholding from Jekyll but he is not paying the IRS (at least not to Jekyll knowledge and he asked him several times to show proof). Also Hyde is not clear as to all the expendings in the company.
The only reason that Jekyll decided to go with Hyde was because he was convinced that the only way to setup a C-Corp company was if the company was setup 100% by a US Citizen. is this true?
Now their relationship (business and social) has crumble and Jekyll wishes to remove Hyde from the company after he get 60% of the shares.
What options does Jekyll has to remove Hyde from the company? Buy his shares? what price? does Hyde has an option to refuse to sell? in other words can Jekyll force a buyout on Hyde?
Will this affect his visa status?
Thanks in advance!
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