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I am on H1B and thinking to start an LLC with one of my friend on GreenCard. Can I make profit from this venture & is it legal?

San Diego, CA |

Main Queries I want answer for:
1. My friend resides in different state, so can the work happen in my state CA?
2. I have the idea where initially we don't need to invest anything, so is it necessary for us to show initial investment?
3. Can I report profits on my Tax return?

4. Can my spouse, who is currently on H4 visa, work as a volunteer for the LLC given we both file our taxes jointly?

Attorney Answers 2

  1. Best answer

    Yes, that would be legal.
    1. Yes, but it all depends what you mean by "work". You yourself cannot work for or be employed by the business, What you can do is manage or run the business and/or its activities or employees.
    2. No
    3. Yes, but you yourself must not be employed or work for the LLC/business.

    Behar Intl. Counsel 619.234.5962 Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.

  2. 1. Yes, provided you are not the one doing the work.
    2. Depends on what you are seeking to accomplish.

    J Charles Ferrari Eng & Nishimura 213.622.2255 The statement above is general in nature and does not constitute legal advice, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship. Answers on Avvo can only be general ones, as specific answers would require knowledge of all the facts. As such, they may or may not apply to the question.

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