I am on a H1B. I believe I cannot have any other income than the job that my petition was filed for. This means that I cannot legally start and operate a business. Does this the mean that I cannot apply for and maintain business credit cards? The requirements for these cards merely state that a business could be as low key as selling some stuff on Craigslist etc.
You can legally start a business and can legally own a business credit card. I do have both on H1b. You cannot **legally** operate your company or spend on business credit card. **But** if you have a manager on LLC you own who is a green card holder or have EAD can operate the company and use the business card. You’ll need to pay the manager monthly for hours of operation with atleast minimum hourly rate as allowed by the state. If the manager also owns some part of the company then he may not get a separate pay as You will be investing and he will be working, both own the company.
“Business” credit card based on personal SSN for sole proprietor business are pretty common. In fact these amount to nearly ~70% of all business cards issued. However, this is not recommended if you are on H1B. Banks generate end of year documentation for tax purposes and those are sent to you as well as IRS. It can create complications down the road if you apply for green card.
Similar to what brokerage/savings account do.
Guaranteed sign up cash bonuses are technically “income” for IRS. While some cards have bonus in point currency and dependent on min spend (therefore not guaranteed), but that is not the case always. This is one example of what creates reporting requirements.
AMA
Yesterday
1633
I’m a professional coaster AMA
Tech Industry
Yesterday
868
The new Tesla Model 3 P goes from 0-60 in 2.9 seconds
Tech Industry
1h
1059
Avoid teams with only Chinese or Indians especially with a Chinese/Indian manager
Tech Industry
Yesterday
3087
ByteDance is officially fucked
Tech Industry
2h
590
I saw something at a party I am trying to make sense of..
I don't think you can havr business cards on work visa. For business cards banks will probably run some credits checks against your business and you need to have valid business registration paperwork. Don't get this on work visa.
legally yes, but never came across any one in real life. Do folks start business on h1?
How do you define passive and active? Not taking income from business is passive ?