Self-employed - created brand new company

[JJship 0]

Hi,

How's everybody doing?

I used to work for a software company but was laid-off last Fall. Since March, my business partner and I had been developing a new company and getting it incorporated. We're at the final stages. So, except for my own investment into the company, we've yet to generate any revenue. Therefore, this year, there's no tax return to give them and we've yet to have any commercial ratings since we're new.

What should I put on the "income" section? Potential earnings?

Should I include my tax returns from previous years and all of the investments I've made into the company?

I do have other assets and will have a co-sponsor.

Do I need an extra co-sponsor?

Do you see any potential problems?

Thank you in advance and good luck to you all!!!

-- Jeff

[William33 110]

I think you are on the right track with a co-sponsor.

If the co-sponsor meets 100-125% (country specific) of the income poverty guideline, then you only need one.

You may want to include your previous income and current asset information, to close the deal.

[heathius 0]

I would plan on having a co-sponsor unless you start generating a profit before the later stages of your K-1 process, and you are able to show that profit on your tax records. Your portion of the profit would need to be big enough to satisfy the minimum income requirement for sponsorship.

Edited September 13, 2006 by heathius

[Yodrak 7]

Jeff,

Potential earnings do not pay today's expenses, and may not pay tomorrow's expenses either. Put real income, in your case apparently zero.

What's the point of showing money invested in the company? You are the sponsor, not the company. What's the point of showing money that you no longer have available to support your fiancee, unless you can get it all back by dissolving the company?

What do you mean "an extra co-sponsor"? What you need is a sponsor that the consular officer can feel comfortable with, who will actually give their money to support your wife should it be needed.

As for potential problems, what are your "other assets" and are they easily convertable into cash that you and your fiancee can live on?

Yodrak

Hi,

How's everybody doing?

I used to work for a software company but was laid-off last Fall. Since March, my business partner and I had been developing a new company and getting it incorporated. We're at the final stages. So, except for my own investment into the company, we've yet to generate any revenue. Therefore, this year, there's no tax return to give them and we've yet to have any commercial ratings since we're new.

What should I put on the "income" section? Potential earnings?

Should I include my tax returns from previous years and all of the investments I've made into the company?

I do have other assets and will have a co-sponsor.

Do I need an extra co-sponsor?

Do you see any potential problems?

Thank you in advance and good luck to you all!!!

-- Jeff

Edited September 13, 2006 by Yodrak

[JJship 0]

Thanks everyone for your comments.

Based on your feedback, I think we'll be ok. Luckily, I've have been saving for these "rainy" days. My other assets (stocks, mutual funds, savings) are fairly liquid. I do have an uncle and aunt who have agreed to be my co-sponsor.

Thanks again.

-- Jeff