Starting a business...when?

[dutchmatt 1]

Hi,

I am currently waiting to get my K1 visa. An American friend and our have been talking about starting our own business. I was wondering when it would be possible for me to do such a thing. I'm assuming simply having an EAD will not be enough. Will I have to wait to get my GC before we can file paperwork with my name listed as a partner?

Thanks!

[christeen 966]

There is no residency requirements to start a business... However, you have to apply for a SSN (ITTN) and go through the steps to form a LLC or incorporate... I would spend this time to research all the necessary steps becuase if you start things off on the right foot, you are one step ahead...

Steps include, registering a name, getting ITTN for taxes, doing business plan (VERY IMPORTANT especially with a partner), registering business with the state where your business will be located, getting all local and county business licences.... etc... I would invest in a book that outlines how to do this.... The dummy and idiots guides are quite to the point...

It seems like a lot, but like immigration, there are lots of websites and info out there and once you understand the system, it is pretty easy... I have had my business for 8 years and would not have it any othe way!!!

Bottom line;

Many US non-residents are forming companies in the United States, some of which are operating within the country, others of which are operating entirely outside. With the proliferation of the Internet, many non-US citizens are forming US companies to own their web sites even though they have no tangible connection with the US other than the registration of their company.

In general, there are no citizenship or residency requirements to forming a company in the US. However. there are several factors that should be considered.

[dutchmatt 1]

There is no residency requirements to start a business... However, you have to apply for a SSN (ITTN) and go through the steps to form a LLC or incorporate... I would spend this time to research all the necessary steps becuase if you start things off on the right foot, you are one step ahead...

Steps include, registering a name, getting ITTN for taxes, doing business plan (VERY IMPORTANT especially with a partner), registering business with the state where your business will be located, getting all local and county business licences.... etc... I would invest in a book that outlines how to do this.... The dummy and idiots guides are quite to the point...

It seems like a lot, but like immigration, there are lots of websites and info out there and once you understand the system, it is pretty easy... I have had my business for 8 years and would not have it any othe way!!!

Bottom line;

Many US non-residents are forming companies in the United States, some of which are operating within the country, others of which are operating entirely outside. With the proliferation of the Internet, many non-US citizens are forming US companies to own their web sites even though they have no tangible connection with the US other than the registration of their company.

In general, there are no citizenship or residency requirements to forming a company in the US. However. there are several factors that should be considered.

Thanks for the quick reply and excellent info!

[christeen 966]

No problem... Best of luck... Seriously, I used the idiots guide and everything was pretty easy, just had to take the time to do a business plan (which you can get help with at the SBA (small business administration) they are a GREAT source of info!!!

[tallcoolone 102]

You can start a DBA (doing Business as), and legally be able to put your business name on your checks and checking account.

Cost around $10, and you go to your County Courthouse to register.

I don't think you need a SSN or ITIN

So let your friend do the DBA and put you down as partner

[Gary and Alla 3,694]

Hi,

I am currently waiting to get my K1 visa. An American friend and our have been talking about starting our own business. I was wondering when it would be possible for me to do such a thing. I'm assuming simply having an EAD will not be enough. Will I have to wait to get my GC before we can file paperwork with my name listed as a partner?

Thanks!

You can start a business anytime you want. Today seems good. You cannot be "employed" and paid until you have an EAD or green card. Being a principal shareholder or partner is NOT being "employed". You can volunteer for any business, cover yourself (and the business) with a simple volunteer agreement (the same corproations do for unpaid interns).

There is absolutely NO restriction preventing a foreigner from owning or doing business in the USA. The ITIN was specifically designed to allow foreign nationals to report (and pay tax) on US businesses they own.

[Gary and Alla 3,694]

You can start a DBA (doing Business as), and legally be able to put your business name on your checks and checking account.

Cost around $10, and you go to your County Courthouse to register.

I don't think you need a SSN or ITIN

So let your friend do the DBA and put you down as partner

To do a DBA you do need an SSN or ITIN. You can aslso get a federal tax ISD but most people doing a DBA do not. If they incorporate they do not need SSNs and can get a federal tax ID for the corporation. But you are correct, they CAN do it, his friend can open the account and add him as a partner when he has an ITIN which he can get very easily.