dev_chem2003
New Member
Hi,
First of all I want to thank all of you, especially Admin, for donating your time and work to help others.
I am an H1B visa holder and work with a software firm.
Recently I had a business idea and I approached a friend who is a U.S. citizen to form a company together. We are planning to form LLC firm as I can't form S corporation. We are expecting the company to start making money soon. As of now my friend is a Citizen and also employed in a software firm. He can probably claim his share of profits as earnings.
1) Can I claim the profit in other way such as dividents etc.?Will it cause any issue to my status in future while paying tax for issued 1099- DIV?
2) How do I protect my interest in the company - since this friend legally has the control of the company how do I make sure that this guy doesn't do something at my expense? Can we form a sideagreement that will outline how he will run the company - can the sideagreement force him to consult with me before he makes certain decisions? Can the sideagreement simply say something along the lines "that he won't do anything at the detriment of my interest in the company"? Can the sideagreement say that once I get the green card I will automatically become an executive in the company?
3) Can I legally work for this company? I read somewhere online that "You can start to undertake volunteer work on behalf of the venture or company at any time". So I am contributing voluntarily to this entreprise. Can i have any legal problems becacuse of that, in getting my green card? How would the government knowt that I contribute to the company?
Thanks in Advance.
Regards!
First of all I want to thank all of you, especially Admin, for donating your time and work to help others.
I am an H1B visa holder and work with a software firm.
Recently I had a business idea and I approached a friend who is a U.S. citizen to form a company together. We are planning to form LLC firm as I can't form S corporation. We are expecting the company to start making money soon. As of now my friend is a Citizen and also employed in a software firm. He can probably claim his share of profits as earnings.
1) Can I claim the profit in other way such as dividents etc.?Will it cause any issue to my status in future while paying tax for issued 1099- DIV?
2) How do I protect my interest in the company - since this friend legally has the control of the company how do I make sure that this guy doesn't do something at my expense? Can we form a sideagreement that will outline how he will run the company - can the sideagreement force him to consult with me before he makes certain decisions? Can the sideagreement simply say something along the lines "that he won't do anything at the detriment of my interest in the company"? Can the sideagreement say that once I get the green card I will automatically become an executive in the company?
3) Can I legally work for this company? I read somewhere online that "You can start to undertake volunteer work on behalf of the venture or company at any time". So I am contributing voluntarily to this entreprise. Can i have any legal problems becacuse of that, in getting my green card? How would the government knowt that I contribute to the company?
Thanks in Advance.
Regards!