On H1B...Want to start a Company

[deep07]

I am on H1B Visa and need to know if I can start a company in my name?

If you can tell me what can I do in that company and what cannot...it will be just great.

Thanks

[DMX17]

http://www.immihelp.com/forum/showthread.php?t=40521

[deep07]

Hi DMX17

Thanks for your response. I did look at that thread earlier too before posting it in the forum. It says "On L1/H1, one can be a passive investor in a business but cannot work for the business in any way."

Actually, I know that I can be a passive investor (with not being able to take business decisions even) but have following concerns:

1. How do I take returns from the Company ?
2. Can I register that company with my SSN and address etc ?

Please help me with the answers of above.

Thanks !
Deep

http://www.immihelp.com/forum/showthread.php?t=40521

[immihelp]

1. You take them as profits, distributions, dividends etc. It is just like investing in stocks or real estate.
2. No. Your company is not same as you. Company will have its federal tax id. You can have any address.

[deep07]

Hi Immihelp

Thanks for your response. Can you please clarify:

1. In order to start a company, someone needs to be the owner, Can I be the owner.

2. The owner, then would need to give its SSN and address. Can I give my SSN and address being on H1.

3. Can I book a Website / Domain Name in my name ?

4. I am just trying to earn some extra money by putting in honest efforts. I do not want to put my existing H1 status into risk.

Thanks in advance.

1. You take them as profits, distributions, dividends etc. It is just like investing in stocks or real estate.
2. No. Your company is not same as you. Company will have its federal tax id. You can have any address.

[txh1b]

On a H1b, you cannot perform work for anyone other than your employer. That meaning doing everything listed by you is considered work. It has to be something like give the money to someone and forget about it. Get a share of profit/loss from the investment.

Just they way you buy stock on the market. Say you buy stock from X. You are a part owner of company X. Can you help X run the business? NO. Can you help X change its website? No Can you have the key or access to company X accounting books etc? No. You can only view profit/loss statements and should have nothing to do with the company directly.

You cannot serve as a signing authority as well nor hold a position.