I am a US non resident on F1 visa in the state of Texas. One of my in laws and I are planning to get a convenient store business in Dallas area. We both are investing equal amount of capital in order to purchase the business. He is a green card holder not me. I do have a work permit under TPS law. So, my question is how do I legally have my name on the possession of the business to protect me and my investment if things turn sour in the future. Is a US non-resident legally allowed to possess a business? Can someone guide me on this?
This is a mixed business immigration questions, with both implications. Although you are not a LPR/Green Card holder, you may invest in a business and have your name as a partner listed with the company. Be sure to consult a business attorney. As far as your work permit through TPS, you may be able to invest with no problem, and have your name and interests protected. Consult to an immigration attorney who will be able to better explain the restrictions of your TPS, if any, in terms of investing.
You can own a business but you cannot do any work in it. Not even cleaning the trash or closing the store gates at night.
The information contained in this answer is provided for informational purposes only, and should not be construed as legal advice on any subject matter,not should it be viewed as establishing an attorney client relationship of any kind.
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