Open a company (IT Firm) on H1B Visa

[ravikumar4869]

Hello,

I am on h1B working for a company X, I cannot leave the company X till rest of H1B and I get green Card. I will continue to work for company X for another 10 years, I want to start abusiness like IT Firm, can I partner with other people and open an IT Firm on partnership, I will not work for the new IT Firm but want to own the partnership of the company and gain profits from the company, If I do so will I have any kind of problem during my Green Card Process or will have any kind of legal issues, Please advise accordingly as there has lot of confusion online in this grey, if I can open a company what kind of company can I open witn partnership with others

[raghvi]

Hello,

I am on h1B working for a company X, I cannot leave the company X till rest of H1B and I get green Card. I will continue to work for company X for another 10 years, I want to start abusiness like IT Firm, can I partner with other people and open an IT Firm on partnership, I will not work for the new IT Firm but want to own the partnership of the company and gain profits from the company, If I do so will I have any kind of problem during my Green Card Process or will have any kind of legal issues, Please advise accordingly as there has lot of confusion online in this grey, if I can open a company what kind of company can I open witn partnership with others

On an H1b only passive investments in companies are allowed, not ownership/partnerships. So you opening a company with your name is not possible in my opinion. After all, why would a company pay you if you are not working for them?

As for investing in a friend's company you need to sit with a business advisor as to how within your legal status payments/profit sharing would be done with you.

There are many who do this type of "business" under the table by working for other/friends companies, getting cash payments etc Now, IRS does have means to track these but rarely does. But if found out, you could seriously jeopardize your future status so do proceed with caution.

This is my opinion not legal advice.