Hey all, I am currently on H1b status and wish to buy a small business like a grocery store and/or a gas station. I will be investing and would hire someone to run the store. I want to find from this forum if I can do that, first of all, secondly what kind of corporation I need to form. Does any one has any experience which they could possibly share? Thanks a lot!!
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can a H1b holder own and run a business?
- Thread starter Kumarash
- Start date
jaxen said:Yes. S corporation. Profits will be considered passive income. Should not do your H1 or GC thru that corp. that is all.
Just be careful. YOU CANNOT WORK! That means you can't go in and help out, you can't count the drawers at the end of the night, lock up the office, make bank deposits, negotiate contracts, or interview employees. You are a shareholder and nothing more. If you bought one share of Microsoft stock and would not be able to do it on behalf of Microsoft, you cannot do it with this corporation, otherwise you are more than a stock owner.
Thanks for your reply Jim! It clears up a lot of things: If I cannot interview employees, negotiate contract with vendors, how can i hire someone to do that for me ? Also can I work and run my business when I get my EAD (since my GC is in process) ? Thanks again for your help!!!