My friend and I are both working for existing companies that sponsored us :
- He's waiting for his EAD that should come up soon (in the next couple of weeks)
- I'm working on an H1B and my company has sponsored me for a GC (still waiting for my LC to be approved)
We were thinking about starting our own company where he would be assuming the role of member/manager and have me be a silent member of the LLC. My questions are :
1- assuming he keeps on working for his sponsoring company, does he need to notify INS and/or his company before transacting business under the name of our LLC ?
2- (more of a tax question in case one of you had to deal with this as well)
if we choose the "pass-through" type of taxation, would I simply have to include the profit distributed to me as an taxable income ? (I read some withholding tax issues for foreigners and I'm wondering if that applies to me as well...)
Thx
- He's waiting for his EAD that should come up soon (in the next couple of weeks)
- I'm working on an H1B and my company has sponsored me for a GC (still waiting for my LC to be approved)
We were thinking about starting our own company where he would be assuming the role of member/manager and have me be a silent member of the LLC. My questions are :
1- assuming he keeps on working for his sponsoring company, does he need to notify INS and/or his company before transacting business under the name of our LLC ?
2- (more of a tax question in case one of you had to deal with this as well)
if we choose the "pass-through" type of taxation, would I simply have to include the profit distributed to me as an taxable income ? (I read some withholding tax issues for foreigners and I'm wondering if that applies to me as well...)
Thx