Our plan is more or less the same like you have stated here, did u register a C-Corp? would like to connect with you to learn more. Pls get back
I did establish a C-Corp , but its on my friends name . We split the initial investment. Did contact an attorney regarding the partnership agreement waiting on his reply. What about yours ?.
My limited understanding on this issue is that being on H1B you can open a company but cannot withdraw any compensation/salary from your own company, You can take salary from your H1B sponsoring employer only. You are not authorized to work for your own company because your LCA/H1B petition is based on your job role and specific location hence you can only work for the sponsoring employer, you can be passive investor but cannot be executive in your own venture and you cannot manage day to day operations. This is one of the big obstacle for being on H1B.
Disclaimer: I am not an attorney and above information is my personal opinion only.
I did establish C-corp more or less like you . I do not have my name on the C-Corp yet, Yes I did contact with attorney but did follow up with him.
-- From Attorney
Saleem, you can be a shareholder of a C corp. – If you chose you could be more than a 50% shareholder
I will get you a quote for ByLaws for XXXX, Inc., for organizational minutes and for a buy-sell agreement between you and XXXXX
- I am on h1B. I am planning to open a C-Corp with a friend (XXXXX) who has Citizenship. How do I legalize our partnership and can it be 50%/ 50% basis?
- How do we deposit initial capital? Will it be a direct deposit? Can I take a loan to invest in the C-Corp?
- How do I get my share? For example company makes a profit $1000 per annual, will it to $500? How do I show this when filing my taxes ? Do i need to pay tax on $ 500 apart from Company Taxes?
- Also if I have to start anther C-Corp or LLC with another friend (YYYYY) who has his Green card. All the above (1) (2) (3) would be same?
Being understood that I can be a share holder when I am on H1B.(So far what all I have done )
I have contacted CPA and got the information to open a C- Corp even though its double taxation which is what he preferred for us since I am on H1b.
When I asked him for the procedure for legalization of our partnership he said he will have limited access to do that and asked me to contact Attorney for this.
Please do suggest which one to go with C-Corp or LLC ..
With Friend (XXXX) I think by the time the post reach on blog we would register a C-corp.
Thanks in Advance . Any answers are appreciable.