Starting own business

[bk5 0]

Hey guys,

Not sure if this is the right area to ask these questions but im sure you can help. I have a conditional green card after marriage to a US citizen from my tourist visa.

My questions are:

-Is it perfectly legal for me to now form a business and operate it as a normal citizen would?

-Are there any sort of grants or benefits the government provide to start up the business?

Any thoughts would be greatly appreciated

Thanks,

Ben.

[lynJer 7]

Great Question Ben,

My USC Husband has told me that all I need to do is write a proposal/business Plan and hand it to the bank and if they like it they will give start up cash??? As a business banker back home....that is amazing....no way would we allow that....

mind you...ive not tested this theory yet....

[Soapz 14]

Depending on the state there are start-up programs for new business owners, mostly in terms of subsidized loans. It is perfectly legal to start a business as a permanent resident.

In order to get these loans you will need a professional business plan and sound financing. Check into state and federal programs (google it!) to get a better idea of what is available, make sure to have numbers and good idea about your competition. You should also have enough money yourself to survive the first year - although that's not a regulation - only good business practice.

[aaron2020 11,651]

Hey guys,

Not sure if this is the right area to ask these questions but im sure you can help. I have a conditional green card after marriage to a US citizen from my tourist visa.

My questions are:

-Is it perfectly legal for me to now form a business and operate it as a normal citizen would?

-Are there any sort of grants or benefits the government provide to start up the business?

Any thoughts would be greatly appreciated

Thanks,

Ben.

It's perfectly legal for a conditional green card holder to form and operate a business in the US. Heck, you could be living in Australia and start a business in the US - Rupert Murdock started plenty of businesses in the US when he was still an Australian citizen.

For grants, you might with to check with the Small Business Administration (SBA) and your state government. Grants may be available if your business will be in an economic development zone (i.e. poor neighborhood). The SBA also offers loans.

Most people I know that starts a business usually rely on maxing out their credit cards.

[aaron2020 11,651]

Great Question Ben,

My USC Husband has told me that all I need to do is write a proposal/business Plan and hand it to the bank and if they like it they will give start up cash??? As a business banker back home....that is amazing....no way would we allow that....

mind you...ive not tested this theory yet....

Your husband gave you a very basic outline of how banks work here in the US. You can't just bring in a proposal/business plan and walk out with the start up cash. The bank will want to know about your managerial skills, how much of your own money you are putting in, ask you to put up property to secure the loan, the bank will run your and your husband's credit reports, some run criminal background checks, etc. If you and your husband are not creditworthy or lack experience in running a business, no stellar business plan is going to get a bank to give you the start up cash.

[rheanick 42]

Hey guys,

Not sure if this is the right area to ask these questions but im sure you can help. I have a conditional green card after marriage to a US citizen from my tourist visa.

My questions are:

-Is it perfectly legal for me to now form a business and operate it as a normal citizen would?

-Are there any sort of grants or benefits the government provide to start up the business?

Any thoughts would be greatly appreciated

Thanks,

Ben.

Look for small business website in your state. Visit SCORE website for more information.

If you would borrow money from bank, you need a busines plan to prove that your business is profitable.

I got my GC early 2009. The same year I started my own photography business. Write off the expenses against capital gains of other investments. No debt at all. Could not explain how it works. Our accountant does the computation.

[bk5 0]

Thanks very much for all your help everyone, its much clearer now!