Can a person with an H1B be a non-executive director & co-found a company?

I know this question has been asked many times on many places, however I wasn't able to get straight forward answer except for, "go to Attorney". Sure, I will (go), however I am just doing papers yet. :) And for now, I just wish to know if I am wasting my efforts (by thinking of trying to help our US economy) :)

1)Can a person with H1B (who has SSN)obtain EIN? (Employer ID). That is, to open a company and work as non-executive CEO. Non-executive, means no Coding. No full-time. Just a part time Director, who isn't putting more then 10 hours a week for this company.
** WIKIPedia - Generally there are no residency requirements for officers or directors of C Corporation.

2) That start-up doesn't want to have a CITIZEN Owner/CEO yet. (it will, once it starts turning enough profits)

3) The H1B person doesn't want to leave his original employer

4) Compensation is not in picture yet. In future, company can pay citizens salary & give SOAPs (company future stocks) to H1B non-executive Director.

P.S. For now, I just want to find out if it's feasible or not ! Sorry if you find it's a duplicate question, however your existing threads doesn't allow questions, just answers :(
Much appreciate your answers!

1)Can a person with H1B (who has SSN)obtain EIN? (Employer ID). That
is, to open a company and work as non-executive CEO. Non-executive,
means no Coding. No full-time. Just a part time Director, who isn't
putting more then 10 hours a week for this company. ** WIKIPedia -
Generally there are no residency requirements for officers or
directors of C Corporation.

NO. Obtaining an EIN is NOT to open a company, work, or whatever. Obtaining EIN is just getting a tax ID for payroll taxes reporting. Nothing more, nothing less. It doesn't mean you opened a company, it doesn't mean you're employed, it doesn't mean anything. Just a number.

You can definitely obtain EIN. You CANNOT do any of those other things you mentioned, unless your H1B is issued for that.

There are no residency requirements, but there are employment authorization requirements. If your H1B is issued for another company (which is probably the case) you would be violating your immigration status by doing what you want to do. See the answer to this question.

That start-up doesn't want to have a CITIZEN Owner/CEO yet. (it will,
once it starts turning enough profits)

Irrelevant.

The H1B person doesn't want to leave his original employer

You can only work for the employer specified in your H1b authorization (with or without salary, as director, janitor, receptionist, programmer or whatever - as long as your position is the one H1b was issued for and the terms of employment were approved by the DOL).

If you do leave your employer, you have to leave the US the same day. Its your right to leave, but you cannot stay in the country and keep your H1b status if you do. You can get a different H1b authorization for a different employer, but do so before leaving the current one, otherwise you'd be out of status and subject to deportation.

Compensation is not in picture yet. In future, company can pay
citizens salary & give SOAPs (company future stocks) to H1B
non-executive Director.

Irrelevant.