Starting a company

[funny]

Folks,

Back in those exciting/nail biting days of July 2007 ( I think all, who filed their 485, would remember that month throughout life) . There were couple of thread that got started to collect information on how to be our own BOSS and STOP being a slave of your Employer.

I think it would be a good idea to start a thread (pls forgive me if you think its not such a good idea after all to stat a new thred) and collect some fresh/new/interesting information from people who did try to live thier dream of be their own BOSS. I think it will help other people as well to start thinking about the important steps in the life given the fact the GC is still little too far.

Please post any information that is relevent to the topic of starting your own company while the 485 is still pending.

Start the company on Primary's Name?
Start the company on Spouse name?
W-2 with the Vendor?
Independent Consulting?

[newbie2020]

I would love to get involved with bunch of like minded people.....I have all the experience needed for starting and running a company. I have successully done thrice.....We have so many experienced folks who would love to start and run a company but lack the experience/knowledge of running one. it would be a good start to bring all such people to get together and pool our knowledge, skills, money and succeed.

Let me know what do u guys think... We can discuss next course of action.

[funny]

Originally Posted by newbie2020

I would love to get involved with bunch of like minded people.....I have all the experience needed for starting and running a company. I have successully done thrice.....We have so many experienced folks who would love to start and run a company but lack the experience/knowledge of running one. it would be a good start to bring all such people to get together and pool our knowledge, skills, money and succeed.

Let me know what do u guys think... We can discuss next course of action.

newbie2020,

Can you provide some infomation on what are the point thats one should take care off, whilte starting the company with pending 485

[newbie2020]

Here are the things you need

a) Business plan
b) Product/Service idea
c) An Accountant/Book keeper
d) A Lawyer (General/immigration)
e) Money
f) desire to succeed

rest everything is just things which can be arranged

Now specifically when u want to start a company with pending I-485 you want to determine what is that you want to do with it....Process H1's consulting, create products whatever.....

Determine what should be the structure of your company LLC, LLP, C-Corp each one has its own advantage and disadvantage......

find a CPA and register it..... Get the company registered open tax id....if you need a location, find one and sign lease, Open a bank account, Hire people.....an grow your company....

[traveler07]

I fell into this website, just trying to get some information from people that have experience with immigration issues.
I run a small consulting business, and I have found an ideal candidate to work for me. He is a foreign national, and is currently in this country on an H1-B visa.
What requirements do I need to comply with to qualify to sponsor this person to work with my company?
I have tried to look up information on the government website, but it is frustrating. Am I asking the wrong questions?

thanks for any information you can help me with.

[chi_shark]

hi,

i say great post! i actually was very happy in aug/sep this year and counted chicken much earlier than the eggs hatched... my eggs have not hatched... anyway, i set up an s-corp and got going... i did on my own name and with just me in it... the purpose of my s-corp was to do some non-IT work i.e. not consulting... though my day job is IT. my immigration lawyer warned me against being self employed for the GC sponsoring job... basically, if the USCIS ever becomes interested in your small business, they can ask any questions... including whether there is enough work to justify a full time employment and the burden of proof will be upon you... so if you plan to use AC21 to switch to your own company, i'd say think about it a little hard...

as for legal formalities with the state... that was a breeze... i incorporated with the state of illinois... filled out the form (2 pages). put it in the envelope with the check and sent it out... there are some other formalities too... i read the book "inc yourself" which had a bunch of easy instructions and things to watch out for... that was one amongst many books i read... did not consult any lawyer other than my immi lawyer... i use quickbooks for record keeping and have a free business checking account with national city... (i am in the midwest)... dont have cpa or lawyer yet... primarily, i want to learn the law and accounting myself before i outsource to lawyers/cpas...

all the best, let me know if i can help.. i would enjoy it...

Originally Posted by funny

Folks,

Back in those exciting/nail biting days of July 2007 ( I think all, who filed their 485, would remember that month throughout life) . There were couple of thread that got started to collect information on how to be our own BOSS and STOP being a slave of your Employer.

I think it would be a good idea to start a thread (pls forgive me if you think its not such a good idea after all to stat a new thred) and collect some fresh/new/interesting information from people who did try to live thier dream of be their own BOSS. I think it will help other people as well to start thinking about the important steps in the life given the fact the GC is still little too far.

Please post any information that is relevent to the topic of starting your own company while the 485 is still pending.

Start the company on Primary's Name?
Start the company on Spouse name?
W-2 with the Vendor?
Independent Consulting?

[malaGCPahije]

Originally Posted by chi_shark

hi,

i say great post! i actually was very happy in aug/sep this year and counted chicken much earlier than the eggs hatched... my eggs have not hatched... anyway, i set up an s-corp and got going... i did on my own name and with just me in it... the purpose of my s-corp was to do some non-IT work i.e. not consulting... though my day job is IT. my immigration lawyer warned me against being self employed for the GC sponsoring job... basically, if the USCIS ever becomes interested in your small business, they can ask any questions... including whether there is enough work to justify a full time employment and the burden of proof will be upon you... so if you plan to use AC21 to switch to your own company, i'd say think about it a little hard...

as for legal formalities with the state... that was a breeze... i incorporated with the state of illinois... filled out the form (2 pages). put it in the envelope with the check and sent it out... there are some other formalities too... i read the book "inc yourself" which had a bunch of easy instructions and things to watch out for... that was one amongst many books i read... did not consult any lawyer other than my immi lawyer... i use quickbooks for record keeping and have a free business checking account with national city... (i am in the midwest)... dont have cpa or lawyer yet... primarily, i want to learn the law and accounting myself before i outsource to lawyers/cpas...

all the best, let me know if i can help.. i would enjoy it...

I started an LLC earlier this year. Much easier and less risk with an LLC. It is still early to say whether the company will make it to higher grounds or not. But I sure am trying. I have me and my wife as manager members. No employees at the moment.

Best of luck to you all. GC or no GC, we can still make the entrepreneur dream happen.

[funny]

So what is the general feeling about the Original GC sponsoring Job, Should we continue the Primary Job and Start a company on the sides. In my case

1. I am not on H1B anymore
2. I am already using my EAD with my GC sponsoring employer.
3. My Employer is ok if i leave the company ( i have been with them for 6-7 yrs now and they have made enough from me...fair enough i think)
4. My employer will not revoke the I-140 for sure.
5. My client is ok to work with me if i start my own company.

All the above points make me inclined towards starting a company and work for it, Do you think it is not advisable to change the employer specially in the case when you are starting your own company..

[funny]

.

[chi_shark]

Why is llc less risk? i know that the legal paper trail requirements are lower... but i dont know of any other major benefit than ability to share profit and loss disproportionate to ownership stake... which could be a double edged sword too... what risk is covered in llc that is not covered in corp?

in fact i chose corp because it was cheaper.... thats it.

Originally Posted by malaGCPahije

I started an LLC earlier this year. Much easier and less risk with an LLC. It is still early to say whether the company will make it to higher grounds or not. But I sure am trying. I have me and my wife as manager members. No employees at the moment.

Best of luck to you all. GC or no GC, we can still make the entrepreneur dream happen.

[chi_shark]

all i can say is that your situation sounds like an illegal situation... if you are simply going to provide offer letter without actually having a job... but thats between you and your company and you may be perfectly legal and fine... check with a lawyer dude

Originally Posted by funny

So what is the general feeling about the Original GC sponsoring Job, Should we continue the Primary Job and Start a company on the sides. In my case

1. I am not on H1B anymore
2. I am already using my EAD with my GC sponsoring employer.
3. My Employer is ok if i leave the company ( i have been with them for 6-7 yrs now and they have made enough from me...fair enough i think)
4. My employer will not revoke the I-140 for sure.
5. My client is ok to work with me if i start my own company.

All the above points make me inclined towards starting a company and work for it, Do you think it is not advisable to change the employer specially in the case when you are starting your own company..

[malaGCPahije]

Originally Posted by chi_shark

Why is llc less risk? i know that the legal paper trail requirements are lower... but i dont know of any other major benefit than ability to share profit and loss disproportionate to ownership stake... which could be a double edged sword too... what risk is covered in llc that is not covered in corp?

in fact i chose corp because it was cheaper.... thats it.

the low risk lies in the fact that any adverse decision you may have to take ever (God forbid) like bankruptcy does not affect your own personal credit history and assets. I am not sure whether the same exists for corp or not. So I may be wrong regarding the low risk factor of LLC. But I always had the notion of starting any venture as an LLC and then moving on to a corp.

[funny]

Originally Posted by chi_shark

all i can say is that your situation sounds like an illegal situation... if you are simply going to provide offer letter without actually having a job... but thats between you and your company and you may be perfectly legal and fine... check with a lawyer dude

Why do you think that my situation looks like and illegal one....I would really like to get an analysis from you/anyone on why this situation is illegal.
is it not ok to start a company on EAD?
is it not ok to start a company on your spouse name and work throug it?

Your explanations will be greatly appreciated.

[chi_shark]

Hey! sorry, i did not mean to judge your situation... all i was thinking is that... hmm.. he works for this company... no he does not.. he works for himself... no but he has an arrangement with that company... so i did not really understand and for a minute i thought it was not a sound thing to do (at least for me)... even i had many questions of very legalese nature... i did ask a lawyer to see me for an hour or two... he went over all my papers and advised me about it... took $200 for that piece... $200 well spent i think.

its ok to start a company... i just got confused with the company bit... sorry again.

Originally Posted by funny

Why do you think that my situation looks like and illegal one....I would really like to get an analysis from you/anyone on why this situation is illegal.
is it not ok to start a company on EAD?
is it not ok to start a company on your spouse name and work throug it?

Your explanations will be greatly appreciated.

[chi_shark]

llc and s-corp are same for the situation you brought up... however, you gotta be mindful of the "corporate veil"... http://en.wikipedia.org/wiki/Piercin...corporate_veil trap... which can affect any company llc or corp... dont worry, there is nothing bad in it... just make sure that you keep real good records and separate business operations from personal...

further i doubt that s-corp or corp is a promotion over llc as your post seems to suggest...

anyway... your choice is not bad... and neither is mine...

disclaimer: many experts dont consider wikipedia a reliable source of information.

Originally Posted by malaGCPahije

the low risk lies in the fact that any adverse decision you may have to take ever (God forbid) like bankruptcy does not affect your own personal credit history and assets. I am not sure whether the same exists for corp or not. So I may be wrong regarding the low risk factor of LLC. But I always had the notion of starting any venture as an LLC and then moving on to a corp.