This is NOT legal advice.
Let's assume this student's name is Zeyu.
graph TD
A[register the company] --> B[Zeyu as a co-owner]
A --> C[Zeyu NOT as a co-owner]
C --> |Secretely work for the startup| Y[Potential legal issues.]
BacktoF1(Can Zeyu go back to <br> F1 to finish Bachelor's?)
CPT[CPT. Only 1 year. <br> Full-time or part-time. ]
TenPercent(Zeyu's share >= 10%?)
FivePercent(Zeyu's share >= 5%?)
IEPPhase1[IEP Phrase 1]
IEPPhase2[IEP Phrase 2]
GG[Startup fails <br> and no Green Card]
X[Game Over]
XX[American Dream is dead. <br> Go back to home country.]
XY[Work for FAANG in H1b.]
B --> |work under CPT| CPT
B --> |work under IEP| TenPercent
CPT --> |After 1 year| TenPercent
C --> |work under CPT| CPT
TenPercent --> |Yes| IEPPhase1
TenPercent --> |No, <br> too much dilution| X
IEPPhase1 --> |After 2.5 years| FivePercent
FivePercent --> |Yes| IEPPhase2
FivePercent --> |No, <br> too much dilution| X --> BacktoF1
IEPPhase2 --> |After another 2.5 years| GG
GG --> X
BacktoF1 --> |No| XX
BacktoF1 --> |Yes| XY