I got engaged with a start-up that offered stock as compensation while I had no work authorization. The company required me to send a form election 83b to the IRS that states I paid $0.33 cents per unit. So I always thought I could just pay for such units anytime considering this a purchase option with no obligation to own/pay for those units. The contracts say I will be given units in compensation but they also say that there should be no conflict of law. Many times I told the company about restrictions for F-1 students & that I intended to pay for units. Recently, the company went meet with the DOS at my school who is asking me to sign an agreement saying that I volunteered but also that the company will void any stocks. I want to keep my F-1 status & to pay for the units. Any advice?
I'm not sure I'm following your question, but it sounds like you may have violated the terms of your student status. You say you received stocks as compensation. Compensation for what? What, exactly, did you do for the start-up?
Retain an experienced immigration lawyer, whether myself or one of my colleagues, to review all the facts, advise you, and handle the case.
J Charles Ferrari Eng & Nishimura 213.622.2255 The statement above is general in nature and does not constitute legal advice, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship. Answers on Avvo can only be general ones, as specific answers would require knowledge of all the facts. As such, they may or may not apply to the question.
Even being given the opportunity to purchase stock in-exchange-for-volunteer-'work' is not permitted.
Do what the foreign student adviser states and consider yourself lucky that your visa/OPT isn't being terminated in SEVIS.
PROFESSOR OF IMMIGRATION LAW for over 10 years -- This blog posting is offered for informational purposes only. It does not constitute an attorney-client relationship.
If you worked without authorization and received compensation even if as stocks you are in violation of status. Volunteering and voinding the stocks is a good idea. Best Wishes!
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