Not by itself. Development and direction concern control of the enterprise, which can be shown through majority ownership, decision authority and active strategic responsibility. Problems arise when the owner keeps no meaningful authority or the arrangement looks purely passive. Document what you decide, approve and can override.
Draw the line between directing and doing
Document the division of responsibilities that actually applies. Routine scheduling might be delegated while the investor retains strategic and financial authority, but the exact tasks can overlap and there is no universal list each owner must personally perform. Explain any approval thresholds in the genuine agreement and show the decisions made in practice. The issue is meaningful development and direction, rather than copying a model manager-owner split.
Fifty percent ownership or more usually shows that; a smaller stake needs operational control through the governing documents. E-2 requires treaty-country nationality, qualifying enterprise ownership, funds irrevocably committed and at risk, an investment substantial relative to the business, and a real operating enterprise that is not marginal. A retained U.S. minority partner is compatible with that; a fifty-fifty split with a U.S. citizen needs careful control provisions. Review debt secured by business assets carefully, and remember E-2 has no direct route to permanent residence.