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2 Replies Last post: Jan 13, 2009 1:55 PM by moreno

Please help me- I need to start a home based business

May 11, 2009 4:18 AM

Click to view viknabar's profile Professional viknabar 4 posts since
May 8, 2009
Hi,

I am a F1-Student currently in school. My partner is a US-Citizen.

We were planning to start a home based business which will offer consulting services all over the world. Initially we will run this in USA,India and China as we have contacts in these countries.

Can I legally run a home-based business while I am on F1 status?

I will be the owner of this business. I and my partner will share profits/expenses in future.

Please respond if you have any ideas or suggestions about how can I run this business.

Also if you have any ideas about tax payments for F1 student running business. Kindly let me know.

Thanks in advance.

Vik.
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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
1. Re: Please help me- I need to start a home based business May 11, 2009 12:02 PM
in response to: viknabar
I would suggest you find a local small business development center (SBDC) - their services are free and they can answer all your questions - face-to-face - much easiler that way.

Business Money Today
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Click to view Yakimova's profile Mogul Yakimova 60 posts since
Apr 24, 2009
2. Re: Please help me- I need to start a home based business May 11, 2009 12:17 PM
in response to: viknabar
Vik,

Unfortunately since you are a holder of a F1 visa you cannot legally run a business in the US. The fact that your partner is a US citizen has nothing to do with your situation. If you decide to do so, you will not only have problems with the IRS but with the Immigration and Naturalization Services as well. If you get cought (and trust me, you will) you will lose your F1 status and get deported. I'm very familiar with all immigration related matters - I've been a legal US resident since 2000 and a US citizen since early this year.

Best of luck!
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Click to view viknabar's profile Professional viknabar 4 posts since
May 8, 2009
3. Re: Please help me- I need to start a home based business May 11, 2009 2:24 PM
in response to: viknabar
Thanks so much for your reply
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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
4. Re: Please help me- I need to start a home based business May 11, 2009 2:29 PM
in response to: Yakimova
I find this a bit hard to believe - I am not an expert on Visas or anything of that sort - but nearly every convenience store, hotel, dry clearer in this country is foreign owned - by many who do not even speak the language - if they can find a way - so can you - this is the land of opportunity.

Best of Luck,

Business Money Today
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Click to view Yakimova's profile Mogul Yakimova 60 posts since
Apr 24, 2009
5. Re: Please help me- I need to start a home based business May 11, 2009 3:48 PM
in response to: phanio
Hanoi,

I understand your point (and frustration) but the people you are refering to are either legal residents or have work visas. A quarter of the hispanic community in LA doesn't speak English (and doesn't even bother to learn it), but the majority of them are legal residents. Those who aren't obviously face arrest and deportation if they get caught.

The restrictions for foreign students who are here on F1 visas is incredibly harsh. The only way a foreign student can get a job (legally) in the US is through their college/university and it's only a part time job. To register a company you have to be a US citizen or legal alien. It may not be fare but it's the law.
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Click to view Yakimova's profile Mogul Yakimova 60 posts since
Apr 24, 2009
6. Re: Please help me- I need to start a home based business May 11, 2009 3:50 PM
in response to: Yakimova
Phanio,

Sorry this was addressed to you. I mixed it up with another post.
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Click to view Yakimova's profile Mogul Yakimova 60 posts since
Apr 24, 2009
7. Re: Please help me- I need to start a home based business May 11, 2009 4:01 PM
in response to: viknabar
Maybe there is a way. If you can register a company in your own country, then all you need to do is have it registered in the state you currently reside. Check the requirements for foreign investors in your state. For some states is 50K -100K minimum, other states don't have monetary requirements. You're will be considered an investor, but you need to show intend to hire people. You will have to deal with both Homeland Security (especially if you are from the Middle East, Cuba, Venezuela, N. Korea, etc.) and IRS.

I strongly recommend you see an immigration lawyer or speak directly with the IRS. They are actually very helpful.
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Click to view viknabar's profile Professional viknabar 4 posts since
May 8, 2009
8. Re: Please help me- I need to start a home based business May 11, 2009 4:29 PM
in response to: viknabar
Thanks everyone for all your responses...

I will definately consult a lawyer before proceeding..

Even I heard from my sources that registering the company name in home-country and then here makes sense...need to confirm that.
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Click to view IdtCPA's profile Authority IdtCPA 3 posts since
Oct 23, 2009
9. Re: Please help me- I need to start a home based business Oct 29, 2009 12:46 PM
in response to: viknabar
viknabar,
I do suggest that you speak with an attorney, because you are in need of legal counsel. Now as I am sure that you know that Legal Counsel is costly with the average attorney fees in my area (SC) being $250 per hour.
I would like to suggest that you acquire an Prepaid Legal Smallbusiness plan to establish your entity "legally" incorporate your business; and get the business consultation that you need. You can get more information from this website www.prepaidlegal.com/biz/chadwickchiles
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