Starting a business by a H1B Visa holder

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Comments

  • johnqhjohnqh subscriber Posts: 4
    If it is a C-corp, he will get reimbursed by the company on those expenses.
  • donjuandonjuan subscriber Posts: 0
  • WizzyyWizzyy subscriber Posts: 0
    Thanks for the information,
    I need an additional information to the last post. I have a similar situation. I am a green card. My friend in H1B.. We are starting C corp which means he will be a passive investor. Now he works for a company and earns income from that company (say 80000). Now if say he invests 10000$ in the company can he get tax benefits for that 10000$?
  • geetikageetika subscriber Posts: 0
    Hello Everyone,
    I have a question which I have not seen addressed by anyone. I am on H1-B Visa and work for a company in US. I understand that I can only open a company here but cannot work for it since I am already working for the company which has sponsored my H1-B.
    I don`t want to involve any Citizen or Green Card holder in my company. I want to do it all by myself and my brothers who reside in India. So now if I want to open a company, may be a C Corportation or a LLC, can I do this legally. I want to have me and my brother (who is not a US Citizen or a Green Card Holder but is an Indian Citizen) to run the company. I can be a sleeping partner, who is not working at all for the company and all the work is done by my brother who is the partner in the company I formed. Is that legal? Can I hire a person to work for my company, is that legal?
    Further can I share the profit or loss for the company? If I make profit for the company, I intend to pay my taxes to the IRS and if I have a loss, I would want to write-off my losses too.
    Thank you for your help!
    Regards,
    Geetika
  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member
    I suggest consulting with both tax and legal professionals.
  • geetikageetika subscriber Posts: 0
    Hello Robertj,
    Thank you for your reply. But it was not really helpful. Seems as if you are trying to market your product here at the forum.
    Thanks,
    -Geetika
  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member
    Geetika,
     
    I do not provide the services I suggested that you seek. My reason was that your situation is complex and you would be best served by consulting with professionals who specialize in the field.
     
    I`m sorry if you misconstruded my suggestion
  • amishbhavsaramishbhavsar subscriber Posts: 0

    Hi Everyone,






    I am in the US since last 3 years on an H1 with my GC process underway (just recieved the Labor approval). From the discussions in the forum, I understand that I can start a LLC under my name. I can also hire a US citizen / GC holder as a manager


    However,




    a). Would the LLC cause any issues with the GC Process – considering the fact that profits of the LLC are passed through to the owners and would reflect on my IRS returns? On an H1, I am only suppose to have active income from my employer (who sponsored my H1)




    b). Would treating the profits from the LLC as C-Corp (by filing IRS Form 8832) alleviate the above issue?

    amishbhavsar1/11/2008 12:43 PM
  • fresh08fresh08 subscriber Posts: 0
    Hi, I am in the same situation.  I am an H1B holder and my partner is green card holder.  I don`t understand why we can only start a C corporate?  Why can`t we start an LLC in which I can just be an passive owner?  LLC is more tax favorable to us.  Thanks for any help on this topic!
     
     
    Hi All,
    If you are working currently in US on a H1-B visa, You CAN start a business (a C corp) just like any other, as long as YOU DO NOT work for that company. You can only work for the company that sponsored your H1B and only the kind of work specified in the petition. There is no deviation of any kind to this rule.
    However, you can establish a company and appoint a director or CEO to run your business. For someone who is just starting the Entrepreneurial dream, it is a serious obstacle. But, the positive side of it is you don`t have to kill your dreams or delay. You `can` participate in some restricted activities of the business, in the role of investor, but certainly not of executive nature.
    Many Entrepreneurs partner with Permanent Residents and/or citizens to start their businesses. They remain as passive investors in the business, but they can own everything (if desired) about the business and leave all the management to the rest of the team.
    So if you have a dream and you are serious about it, talk to an attorney to get started. Clarity and a trusted Legal partner are very important to realize the dream of entrepreneurship. I agree it is very expensive to consult a good attorney, but trust me, you will never have enough money to buy  peace of mind.
    Hope this helps,
    Wish you all the best.
    Murali 
  • larcusalarcusa subscriber Posts: 0
    Hi Chinni,
     
    I have plans to start a consulting business too and currently I am on H1. I know that I can start a C Corp but how do I get paid for the profits that my company would make? How do I equally share the profits and the losses? will I have a say in the company or will I be just a passive investor?
     
    Can you please provide me some suggestions.
     
    Thanks
  • pj123pj123 subscriber Posts: 0
    Hi Larcusa,
    Did you had reply to your question about how to get paid for the profit the company will make when you start C corp while being on H1B?
     
    Anyone, any suggestion on that, please.
     
    Thanks
     
     
  • Jeremy42Jeremy42 subscriber Posts: 0
    Hi guys,

    I'm in the exact same case as trevohay : I was on a student visa (F1), and now I'm on OPT, which is like a one year extension of the student visa, allowing me to work for any employer.
    I believe I can create a company, even a LLC and be active in it, since with an OPT I'm not bound to one company like it is the case with a H1-B.
    So my main concern is to know whether or not, once my company founded, I can sponsor myself for a H1-B.
    I'd really appreciate some help on this. And thanks for the previous answers, it was very interesting.
  • getridofsoregetridofsore subscriber Posts: 0
    If you are working currently in US on a H1-B visa, You CAN start a business (a C corp) just like any other, as long as YOU DO NOT work for that company. You can only work for the company that sponsored your H1B and only the kind of work specified in the petition. There is no deviation of any kind to this rule.
  • mayamagic22mayamagic22 subscriber Posts: 0
    Hi I had similar question. Im on H4. Can I sell handmade products online?My husband is on H1. If I consider that h1 holders can start business. Then the income that comes from online selling, how can it be handled? Please need urgent help.
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