I am on work visa (H1B) and plan to open a business . I plan to buy a truck and lease it to a logistic company and get monthly rental . I want to start a small company because i want to increase the business from 1 vehicle to many more and avail all tax benefits .( I expect to earn about 20-25,000 USD per year from this business)
Can i start a business on my current H1B status or do i need a GC holder or Permanent Resident /Citizen to start a business . Also what type of company should I open C corp / S / LLC for better tax benefits .
Answered on: 8/20/11, 11:13 am by Michael E. Hendrickson
No, your HIB visa status does not authorize you to start and run
a business but only to work as an employee of the one company
which has specifically sponsored you for this visa.
As for your second question, you might want to consult with an accountant
or tax attorney on this issue after you are legally authorized to
start such a business.
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