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Creating a Business in the US on an H1-B Visa?
GnaGnaGna asks: "I've lived in the US for almost a year now and have a full time position with a major American company under an H1-B visa (work visa for foreigners). Besides this job, I also run an increasingly popular website generating AdSense revenues. I am not sure if I am allowed to create a US company (most likely an LLC), under my legal status, and transfer the Adsense profits to my personal bank account or a business bank account.
Have my fellow readers faced a similar legal situation or know anything about it?"
On an H1B, it is illegal for you to form a business that you are an active investor in. This is part of the "contract" you enter into to become an H1B. However, if you were an illegal alien, it would be just fine. For a prime example of this, check into the history of Philippe Kahn, founder of Borland Software Corporation, creators of Turbo Pascal.
"To those who are overly cautious, everything is impossible. "
Okay, so it's not something you can do in America. But if it's a web based business, why not take the steps to form a corporation in your home country, get a relative to help you with the paper work, and run it from here? That way you're running a business in that country and not here. Have the money go to an account in a bank there. That way if you can't stay, you don't lose anything and in the meantime, might make some good contacts that can help you when you're no longer in the USA.
I'm not familiar with the H-1B, so it's also possible the terms restrict you from holding positions in your country while working here. I don't know and I'm not sure, but I thought I'd make the suggestion.