Have H1 with Company_A. Can I work part time with C corp startup_B? If so, how

[seek_H1_advice]

Urgent!,

I have a H1B with a company "A" and one of my friend (US citizen) had started a C corp startup "B", where she would like me to join on part-time basis. (Role is immaterial to me) However, I believe even if I contribute on weekends and 5-10 hrs on weekdays, considering my background it would do a great deal of help to the startup "B" (in a management capacity) which is currently bootstrapped.

Since she's my friend, my question:
1. Can I work on part-time basis now for the next 1 yr? till there is necessary funding after which I can look at an H1 transfer from A to B.
If yes, can I show myself as an advisor, etc? and can I have equity?

2. If No. What options do I have if I see value in the startup B while I am working with company A (H1 sponsor) and prefer to continue with A till the above condition (necessary funding...) is satisfied.

And finally, I would like to know how should I be compensated in a legal manner.

Any clarity would be appreciated!.

[aitha]

Hi,

I had my visa interview on 19th Mar'13 @ Chennai
got a 221(g) Blue.

Submitted requested documents on 16th Apr'13

I got a call from Chennai consulate and asked to submit my passport. They also mailed me another 221(G) blue slip with a note "Submit Passport". Does this mean that my visa for approved?

Do we need to submit passport even in case of visa rejections?

Regards,
Aitha.