Immigration Voice - Forums
Register Get Involved Contact Lawmakers Advocacy Discussion Image Image Image Image

Go Back   Immigration Voice > General Information > Starting and Doing Business in USA
Click to log in with Facebook
Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 01-16-2011, 03:04 PM
lok lok is offline
Junior Member
Priority Date
:
Category
:
N/A
I140 Mailed Date
:
Chargeability
:
Processing Stage
:
I485 Mailed Date
:
Compare
Join Date: Jan 2011
Posts: 1
lok is on a distinguished road
Default Helping a foreign company with credit card processing while I'm on H1B

I have a friend in South Asia who wants to accept credit card payments for his website. There is no way for him to link paypal or any payment gateway to his bank account. I'm in the US with an H1B and I know i'm not allowed to start a business or even have a merchant account since this qualifies as active investing.

Is there anyway I can help him? I'm not interested in making any money off of this.
I know I could open a paypal account and point it to my bank account. That way, as long as the transactions are < $20000/yr , it won't be reported to the IRS and all I have to do is pay tax on the interest from my bank account. What could be potential problems with this approach? If this is illegal, I would refrain from doing it.

Can someone suggest a better way? My friend is willing to pay part of the transaction fees to whatever service he has to use.

Last edited by lok; 01-16-2011 at 03:50 PM.
Bookmark and Share Compare Reply With Quote


  #2 (permalink)  
Old 01-31-2011, 08:27 PM
ras ras is offline
Senior Member
Priority Date
:
May-05
Category
:
EB2
I140 Mailed Date
:
07/15/2007
Chargeability
:
India
Processing Stage
:
I-140+I-485
I485 Mailed Date
:
08/15/2008
Compare
Join Date: Jul 2007
Posts: 416
ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts ras is infamous around these parts
Default ideas to do web transactions

I am no expert but based on my understanding on this.

1. Your friend can associate with one of the companies in USA and have an agreement so that the money gets paid to the US Company and then transferred to Indian company/individual. The US company pays tax for the payments received.

2. You can direct the online payments to your bank account via paypal or other methods and then transfer the money to your friend. No need of merchant account. However, you need to report this as an additional income on your W2 or similar and then pay taxes.

3. You can register a small business and then associate with your friend in India. All the payments will be made to your US company and then paid as services / product fee to your friend in India. (Info about starting the Business in USA can be found at Immigration Voice Starting a Business wiki)

I am not sure there could be other ways, but these are some of the obvious ones.

Last edited by ras; 01-31-2011 at 08:33 PM.
Bookmark and Share Compare Reply With Quote


Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
Risk of starting Green Card Processing without joining that company these days ? kumar8149 Immigrant Visa 1 09-28-2010 01:47 PM
Credit card debt, and advice needed proline007 Out of status, employment gap and status revalidation 42 09-13-2008 08:57 PM
Foreign Credit Evaluation Question- Last Minute countdrak Non-Immigrant Visas 0 03-31-2008 06:28 PM
How to change Recurring charge from one credit card to another ? reachtoravi IV Agenda and Legislative Updates 1 01-17-2008 04:18 PM
Will Bad Credit effect getting Green Card maco All other Green Card Issues 13 11-06-2007 05:24 PM



All times are GMT -4. The time now is 08:07 AM.


Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
(c)ImmigrationVoice.org