Are there obstacles to company ownership if I'm not a U.S. citizen ...

Nina L. Kaufman, Esq.

An award-winning small business attorney in New York City, Nina is a sought-after professional speaker and Entrepreneur Magazine online contributor. She is the go-to counsel for knowledge economy and creative companies, delivering legal services and educational resources that save them time, money, and aggravation.

Posted on August 14, 2012 in Form a Company

Q.:? I?m a Canadian wanting to buy a small to medium-size business. Are there restrictions to purchasing a U.S.-based company?

I have no credit history in the U.S. I have $300,000 to $500,000 to invest. I?ve also heard that any non-U.S. citizen who invests more than $100,000 in a business gets fast-tracked for a green card. Is that fact or fiction? Can I form a company in the U.S.? I?ve heard that Delaware is the place to do this.

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A.:? If you?re a nonresident alien seeking company ownership in the U.S., you can form a C-Corporation or LLC in the United States, but you cannot hold shares of S-Corporation stock.? There are various states in which you could incorporate, and Delaware is well known for being an attractive location for forming a company because of its General Corporation Law.? You?d still want to consult with attorneys who specialize in immigration law and foreign investment as you consider your ownership of a business in the U.S.

It?s not clear exactly what you?re hoping to do?obtain ownership of a business or form a company, or both, depending on what expedites the green card process for you.? If your ultimate goal, however, is to be on the fast track toward a green card, it?s true that you can apply for a green card through investment.

Nonresident aliens who are active managers in US companies can apply for these green cards?known as EB-5s, or Fifth Preference Green Cards?whether they are creating a brand new business in the US or expanding an old one.? The United States Immigration Support website has the application you would need to apply for an EB-5.? Whether that ?fast tracks? the process, though, is something for you to discuss with an immigration attorney to ensure you keep your expectations in check as you pursue company ownership.

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What other law questions do you have about transfer of ownership and closing a business?

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3. How can I close a corporation that never got off the ground?
4. How to sell a corporation that?s doing good business?
5. How to change company ownership for a single-member LLC?

Tagged as: close a business, close a company, close a corporation, closing a business, company acquisition, company merger, company ownership, Company that sells, exit strategy, how to close a business, how to sell a corporation, ownership of a business, stock transfer, transfer of ownership, transfer stock, transferring ownership

Source: http://askthebusinesslawyer.com/blog/2012/08/14/obstacles-company-ownership-non-citizen.html

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