"C" corporation

C

currencymaster

Registered Users (C)
I want to start "C" corporation. I have EAD and waiting for green card. My spouse is primary green card applicant.

Main business plan is to do IT consultancy now and add other business entities later. At this time two companies are willinng to sign a contract for 6 months. Contract amount is approx. $60,000. I can not do project myself so I need to hire somebody part time apart from myself on part time H1. Currently want to run the business from my apartment and later if business grows I may set up a separate office. In the future I may recruit more people on H1.

1. Is "C" corporation good for my business plan ?
2. Are there any issues in getting approval for Part time H1 ? Part time work will a range from 5 hours to 15 hours per week.
3. How much money to be deposited in business account to get part time H1 approval ?
4. Can I add additional entities like a grocery store etc. under the same business structure of "C" corporation ?
5. Is "C" corporation is good for tax purposes based on above business plan.

Thanks in advance for your feedback.
 
Congratulations.
1. assuming you will have profits from the initial year, an S corp might be better. For c corporation you pay taxes on the corporation and then pay personal income tax on the dividend. Since you are a green card holder you can start an S corp.

2. It will be difficult. But not impossible. You might be better off with contracting somebody on 1099 or so
3. Not sure..
4. Of course. If it is approved by the board of directors:)
5. Please see 1.

Thanks,
Aji
currencymaster said:
I want to start "C" corporation. I have EAD and waiting for green card. My spouse is primary green card applicant.

Main business plan is to do IT consultancy now and add other business entities later. At this time two companies are willinng to sign a contract for 6 months. Contract amount is approx. $60,000. I can not do project myself so I need to hire somebody part time apart from myself on part time H1. Currently want to run the business from my apartment and later if business grows I may set up a separate office. In the future I may recruit more people on H1.

1. Is "C" corporation good for my business plan ?
2. Are there any issues in getting approval for Part time H1 ? Part time work will a range from 5 hours to 15 hours per week.
3. How much money to be deposited in business account to get part time H1 approval ?
4. Can I add additional entities like a grocery store etc. under the same business structure of "C" corporation ?
5. Is "C" corporation is good for tax purposes based on above business plan.

Thanks in advance for your feedback.
Click to expand...
 
"S" corporation ?

Hi ajiabs

Thanks for your feedback. I don't have green card at this time to start "S" corporation.

In this case do you think "LLC" is better than "C". Can a single person start "LLC" and hire a person (who is on H1) and file part time H1.

Thanks
 
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