This is a fascinating question beyond the EAD aspect of the question.
@Kris - are you sure anyone can set up a corporation? Can you have a pass-through corporation owned by a foreign national who lives outside the country? If so, does it matter where they are geographically, so long as they have the right to be there?
I believe, for example, it is legal for me to do work for a chapter S corporation I own without being an employee of the company. Am I wrong, or do I only have this right as a US citizen? I don't know of any forms I am required to complete as a non-employee. I-9s, I believe, are only for people receiving W-2s (or 1099s potentially).
This seems like a huge loophole... The company earnings would pass directly to me, but on a K-1, not a W-2 or 1099. I must not understand something here. Perhaps pass-through corporations are limited to US ownership?
Obviously this would require the company to be profitable, not just cash flow positive from investment, so it might not generally help in the context of startups, but this seems like to big a work-around for labor laws?