Business on H1-B

D

deepak_chandar

New Member
Hello everyone,

Me and my friend (both of us on H1B) are setting up our own software services company with me and him being the passive investors in there.

We have a US citizen who will be running the business for us and if any profits are made we will get paid as dividends (1099) since we are the investors in the business.

Also, we are trying to set up a LLC in state of nevada for some tax and law benefits.

Is this legally ok or if anyone of you find something wrong in this setup, kindly let me know.

Thanks,
Dee.
 
Hello,

We had a corporate immigration firm handle our case in los angeles and currently the paperwork has been sent to state of nevada (we are registering a llc in state of nevada) and we are waiting for the response. Once it is back, we will apply for a business licence in state of CA - this is where you need a proper attorney who knows both company setup as well as immigration issues so that he takes utmost care in preparing the shareholder agreements, contracts etc.

Let me know if you have any more questions.

Thanks,
Deepak.
 
deepak_chandar said:
Hello everyone,

Me and my friend (both of us on H1B) are setting up our own software services company with me and him being the passive investors in there.

We have a US citizen who will be running the business for us and if any profits are made we will get paid as dividends (1099) since we are the investors in the business.

Also, we are trying to set up a LLC in state of nevada for some tax and law benefits.

Is this legally ok or if anyone of you find something wrong in this setup, kindly let me know.

Thanks,
Dee.
Click to expand...
An H1B visa holder can start his/her own company, if a U.S. citizen or even a Permanent Resident would be the manager of the company and there are sufficient funds to start a business and run the company :rolleyes: .
 
You being a passive investor how will you show your investment?

Considering this works like buying stock from the market (investment) when you fill your 1099 at the end of the year, how do yuo prove you invested? I am plannig to start a company with US citizens and would raise the money by loan or small businss credit card/debt.

Any advice is helpful!!!

Thanks
 
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