I am having a little bit of a hard time understanding exactly what will be done with this coin.

It sounds like you want this coin to be a type of "stock" that your investor will invest into. With the terms set that you are buying it back over time from them? So a company stock buyback program? But it sounds like your employer wants to do it this way because it will be cheaper or something.

Not many people know what cryptocurrency is and it sounds like you are asking for trouble with this. If you do not want other people getting these coins why would you list it on an exchange?

What are the legal problems with doing this?it sounds exactly like an IPO only you are going to clone another coin and call that a coin instead of calling it a stock

It all sounds very shady and there wwould be no consumer protections in place. ICOs are always a scam and lose tons of money, ICOs around here are a swear word. Almost none of them make money.

I would really advise against doing this.