+1-800-997-1228

Free Evaluation

Please click here to get started
Questions and Answers > EB-5 Regional Center Formation

What happens if a Regional Center LLC wants to change its manager?

If the Regional Center is an LLC, does it mean it has shareholders? What would it need to do to change its manager/agent? Would it require the approval of the shareholders?

Click here for a Free Evaluation

Answers

  • Avatar

    Daniel B Lundy

    Immigration Attorney
    Answered on

    A change in ownership, management or control of a regional center requires the filing of an I-924 amendment with $17,795 filing fee.

  • Avatar

    Belma Demirovic Chinchoy

    Immigration Attorney
    Answered on

    An LLC has members who hold interest in the company similar to shareholders. It can be one or more persons or companies, again, similar to shareholders. The LLC operating agreement should specify the process for changing the managing member.

  • Avatar

    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    The LLC or limited liability company has members, not shareholders, but the concept is similar and to change its manager they would have to act or vote in accordance with the Operating Agreement. The USCIS has also to be notified and this may need to be reported with a formal filing.

  • Avatar

    Lynne Feldman

    Immigration Attorney
    Answered on

    Depends on the terms of the formation documents. It should not affect your immigration status but would need to review project documents to answer the question.