Investment in an Inc , C- corp . But doesn't have valid work visa to work . And no SSN Number

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Anonymous May 6, 2015 Immigration 3 views 3 answers

My friend was interested in my business model yet to start and invested $50k & sent money to my bank account . We created partnership agreement under proposed company name . Percentages are 25% & 75% for me estimating Total cost to be 200k . Now we are unable to register the proposed INC name due to name conflict . And also Estimated cost reaching 500k from 200k . Can we legally cancel old agreement & write new contract based on the contribution of money & time . I want to be fair to my friend but also want to follow exact legal steps . Please suggest appropriate steps to be taken. Old agreement was signed exactly 35 days back & 50k is still in my bank . And also my friend is on H4 visa cannot work or receive money through check . My friend don't even have SOcial security number .

Attorney Answers

Eric Kelly

Eric Kelly · Jun 15, 2026

If I understand your goal, you want to renegotiate your agreement such that your friend's equity will be further diluted, and on top of that goal you have concerns how your friend's immigration status plays into this venture overall. As a general rule, parties are free to renegotiate; however, you do have to be careful. Any new agreement must be supported by new consideration to avoid the other party claiming you had a preexisting duty under the original agreement. Also, each of you ideally would be represented by their own counsel in this, as you both likely have divergent interests. As for how the immigration status plays into this, I am not sure, but if he is not to work, his contributions to the corporation should not be sweat equity and should rather be capital. Consult a local business attorney.

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Edna Straus

Edna Straus · Jun 15, 2026

Of course you can both arrive at a new agreement. That said, there no way you should be dong this sort f things without an attorney and a CPA.

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Dana Shultz

Dana Shultz · Jun 15, 2026

1. Any experienced business lawyer should be able to help you prepare an appropriate, enforceable new agreement. 2. Your friend can own an interest in the business and can receive profits from it, but cannot work for it without a work visa. It is not clear why lack of SSN would preclude return of funds to your friend. 3. You can use Find a Lawyer at the top of the page to identify a business lawyer to help you.

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