If you cannot afford to buy a dedicated server, then you probably should not be trying to open a hosting company. It can take thousands to even get into the market and you will need a few months of hosting payments to even keep it up, as you won't make money in the first few months.
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I am a representative of MPGServers. MPGServers does business under the name Dot-Tech LLC, a registered company in the state of Ohio.
Do you realize how silly your offer is? If the person funding you is paying for servers, why wouldn't they just pay for their own server (which would be cheaper)? Offering a free server to a person paying for the servers is a pretty poor inducement. As the other guy said too, if you can't afford to pay for infrastructure the last thing you should be thinking about is trying to be a host company.