H1B+LLC Question for JoeF

[sudesh_agrawal]

Hi JoeF,

I am on H1B, and reading thru the threads here i came to realise that i can start a company but can not run it.

I have a friend who is US citizen, who is ready to run the company while i do the capital investment.

Can you suggest what is best possible way to accomplish this without need for hiring anyone? Can we form LLC with partnership? Maybe you can throw some light on this.

Your help is really appreciated

Thanks
Sudesh

 

[sudesh_agrawal]

What do you mean with "without the need for hiring anyone"? Anybody who works for a company is an employee, by definition. Even in a sole proprietorship, like what I do, it is called "self-employment", i.e., I employ myself...

Sorry!!! What i mean is without need to hire anyone outside 2 of us.

For specifics on a particular company form, you would have to ask a business lawyer or a CPA. I am not knowledgeable about the specifics of most company structures. In fact, I personally would not even think of forming anything other than the sole proprietorship without the help of a CPA or lawyer.

Sure we will consult with a lawyer about this, however i just wanted to know if i form LLC as him my partner. He does 100% work and i do 100% capital investment, if this is possible how do i show for the income generated thru this arrangement (Say) we agree on 50-50% income distribution realising that we both are owners of the company. Does this arrangement sound crazy? Sorry for my ignorance JoeF

In particular if you form this with a friend. I have seen too many friendships falling apart over business and money disputes. Things like this need to be formalized with contracts, and that's where business lawyers come into play.