I have a boutique legal practice - and also my own startup. Fmr. Asst. AG for NY State on consumer protection and ecommerce, including major cases with Trump University and Chase, B of A, and Wells Fargo. Fmr. IP and internet litigator, WilmerHale. All about helping game-changing creators, innovators, companies, and entrepreneurs.
Residence is not a factor for venture funding -- what's important is building a network so you can get in front of the right people in the US venture community.
Loans for small businesses are really restricted to established businesses with clear cash flow and preferably some obvious assets (like real estate). Most startups can't get a small business loan. Does not matter whether you're a US resident or not.
Also why do you have an LLC? It is the right structure for some companies, but not others.
Happy to discuss further.
There's a standard solution here: 4 year vesting schedule, 1 year cliff, so he gets zero equity until 1 year in. Any other arrangements would likely be out-of-market and would not be viewed favorably by future investors. Happy to discuss further.
I have a ton of experience in the device world (past clients include 2 of the top device makers in the world). Bigger question here is how you're handling IP. The incumbent manufacturer could sue you for patent infringement; you want to get your own patent application(s) in the pipeline ASAP; etc. IP is what makes the medical device industry go.
How many other founders are there? Are any of them also developers? Is this developer a junior person -- or someone who could conceivably become your CTO? The answers to these questions are important, as they could dictate an equity stake of anywhere from 1% to 10% or higher. You also need to craft a vesting schedule (4 years with 1-year cliff is standard). Happy to discuss further.
These other answers are out-of-market. A 1% stake is the max you should give unless there are extraordinary circumstances and this 'legend' would really be personally involved with the entity. A full point is extremely generous. Between a tenth and a quarter point is considered in-market for a senior advisor. Happy to discuss further.
You're free to give your opinions and thoughts on a product as much as you want. There's nothing that requires someone on YouTube to be an expert -- that's part of the joy of YouTube. I work with a lot of top YouTube stars and have been in the space for years now -- happy to discuss further.