Q: Can H1B visa holder partner with other to form LLC or C-corp and be passive owner?
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?
(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.
You may want to post under immigration.
Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is general information that is given for legal education only. It is not legal advice, and it may not work for your specific situation. It is impossible to evaluate a legal problem without a comprehensive consultation and review of all the relevant facts and documents. I strongly encourage you to consult with a local lawyer to get legal advice and help with your specific situation at your earliest convenience. I am licensed to practice law in Arizona.
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