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    6 Replies Latest reply on Aug 6, 2008 5:39 AM by Davidmstubbs

    F1 Student Wanting to start a business (preLegal Assistance)

    charlieshim17 Newbie
      Hello, My name is Charlie and an undergraduate enrolled in private university in Northwestern Ohio as a finance major.
      I am expecting to graduate in May, 2010 with B.S. in Finance. Right now, I wish to start own my business! I want to know any legal issues relating to types of businesses I can have (LLC, S-Corporation, and etc.), funding method, and further legal assistance might need to know for further engagement of business activities.

      I wish I could start an online retail or IT company in the U.S.

      Thanks, and I am very open and willing to take the risk! Please help me!
        • Re: F1 Student Wanting to start a business (preLegal Assistance)
          weboffice Newbie
          Hi Charlie! If you are an undergraduate student, and you want to start a business, take a course in Business Law and a course in Accounting (if you aren't already required to do so). These two courses are invaluable in getting the knowledge you need to run a business. If those courses aren't offered, check into a local community college and sign up for non-credit courses.

          Knowledge is power - information you solicit publicly is opinion unless it is supported with documentation. Law is incredibly complex and can't be explained very easily because there are many different factors to consider and many scenarios that can arise.
          1 of 1 people found this helpful
          • Re: F1 Student Wanting to start a business (preLegal Assistance)
            Lighthouse24 Ranger

            If you are in the U.S. on an F-1 Student Visa, I don't think there is a business structure that you can legally create.

            The reason is because, with an F-1 visa, you were probably issued an ITIN in order to obtain a refund on Social Security, Medicare, and other employment taxes that would be withheld from your paycheck if you worked in the USA (but that you are not required to pay). Others in this community who've attempted to start a new business under those circumstances were unable to do so using an ITIN and F-1 visa. The IRS, state governments, and U.S. banks required them to have a Social Security Number, and to provide a temporary visa (such as an E-1 or E-2) that allows a visitor to engage in entrepreneurial endeavors.

            You can be a member (owner) in a new LLC or a stockholder (owner) in a new C Corporation that is legally organized or founded by someone else (so long as the state in which the business is registered doesn't prohibit ownership by foreign nationals). So there are definitely ways to get into a business that is partially, mostly, or (eventually) totally your own. I just don't think you can organize or found the business yourself with an ITIN and F-1.

            Hope that helps. Welcome to the community and best wishes.
            1 of 1 people found this helpful
              • Re: F1 Student Wanting to start a business (preLegal Assistance)
                charlieshim17 Newbie

                Thank your for your reply,Lighthouse!

                Yes, I do have a SSN!

                But, since I have started my Google research! Actually, F-1 student status doesn't prohibit or restrict the establishment of business. However, U.S. Immigration Law doesn't let me to withdraw or take the profits from the business. I have found about that the U.S. immigration law actually encourages students like me to have or establish a company (after graduation), Then I could apply for E2 (Treaty) Visa. For a green card matter, it's a little tricky from E2 Visa holder!

                I am e-mailing back and forth with an Immigration Attorney in Columbus, OH. as well. This is the site I have registered to get additional legal assistance so I can move forward and to develope my business idea.

                Please do additional research because I do not wish to break any of Immigration Law and to prevent myself from unfair and illegal businees activities while I am in school!

                Thanks for your reply again! I wish I keep in touch with you!
              • Re: F1 Student Wanting to start a business (preLegal Assistance)
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