I am planning to form a LLC for my side project and not sure if I can do that on my H1B. Folks who have started companies on H1B, how did you go about the legalities?
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I.e. you can contribute money/property to the company, but not your labor.
For an example can be an owner of AirBnb rental, but can not be actively involved in running it (other’s partners must do all management/cleaning/customer support etc.).
What if I say its not my labor, I’m just helping the LLC(which i own ofc) for nothing in return?
If LLCs is making money - you get your share of business profits attributed to you even without owner draw (pass-thru taxes will be visible on returns).
It’s a violation even if your company does not make profits or setup as non-profit organization.
Not making profits on LLC can be even worse as IRS can consider your company as a hobby and not business. You are expected to have a business plan to make profits.