There would be no salary or benefits to me as a individual but the profit would going into the company. I intend to have a H-1 B visa holder to the investor for the firm and set up a separate business entity with its I-TIN number. Is this possible?
I agree that you should speak to a lawyer and my sense of what you are describing is a substance over form matter that could get you into trouble. While a person without work authorization can start a company in the U.S. (even a foreign person can do this), you CANNOT work for the entity. Without knowing any of the facts, my first impression is that it would be questionable to set up an entity while living here, hire someone and not manage the business.
I agree with Attorney Scott: You can form a company, but you cannot work for it.
As a business lawyer, I have helped dozens of foreign clients start businesses in the US, and I have blogged extensively about the challenges that they face. I recommend that you start with the post at the link below.
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