Tech IndustryAug 6, 2021
Facebookqna_host

On H1B I built an app, got traction, how to capitalize?

update 08/06: had a call with the lawyer today. They first this advised is changing bank account to my parents as they have a Tax ID in the US (this is not a SSN). Then talk to VC. Then ask parents to be ready to file taxes as process with VCs is not something you wanna hurry into so make sure you have a stability. There is nothing illegal here yet as per my lawyer. Just need to act fast before it becomes illegal. My first week with some earnings - $3.2k. Next week might be stronger. This is so unexpected. I am on H1b with #fb. SWE E5 500k Built an app from scratch, very simple but effective #business model. Got sudden traction, actually generating money and fast since last week, DAU growing by 4 digits for 4 days now. I cannot have this happen on #h1b as I am technically a slave as per the government and FB is my master, so I need to find a solution fast. Spoke with a friend who’s an associate at a VC in Palo Alto. They want to talk about putting in money and this is where you guys come in, what are my options at a high level? I am from India. Family owns an LLC in India. I would ideally like to grow this as an Indian entity while maintaining my stream from FB for a few more months to get better leverage with a VC if trend continues.

Uber utaxi Aug 6, 2021

1.Hopefully you dint code on FB’s laptop. I believe legally thats their IP then. 2.Check with a lawyer

CrowdStrike tinkerty Aug 6, 2021

Unless it competes with their business, i doubt they'll sue

Adyen ghcu365 Aug 6, 2021

Everything competes with their business model these days

Apple simone8 Aug 6, 2021

How about do the business in your wife's name or parents name? Idk. You'll find a way

Facebook qna_host OP Aug 6, 2021

I am unmarried. I am considering doing it under the family LLC umbrella.

VMware any cloud Aug 6, 2021

Start a LLC here with you being the owner. Make someone as an employee who gets paid a salary and you take profit from the revenue (passive income). Talk to a lawyer ASAP

Facebook qna_host OP Aug 6, 2021

Interesting. The salary is for management of the LLC to show that I am not actively involved?

Cisco 🍎& 🍊 Aug 6, 2021

You can form a llp and employ someone/hire your founding employee More details on the app will give you more traction on blind

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MtFaang Aug 6, 2021

Lawyer up. Zuck gonna dilute you Saverin

Facebook qna_host OP Aug 6, 2021

“Mark, is there something you cannot do?”

Amazon peanuts 🥜 Aug 6, 2021

what’s the app ? faangshaadi?

Facebook qna_host OP Aug 6, 2021

No it’s not a ripoff of a dating app template lol

Apple pg13la Aug 6, 2021

Which app?

Oracle madman72 Aug 6, 2021

Sorry zuckerberg he’s not gonna tell you so you can rob him off too. Go back to doing Priscilla

Apple pg13la Aug 6, 2021

😂

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🇹🇼‎🥇 Aug 6, 2021

Found OP’s app in his post history https://faangshaadi.com

Fintech Company hgYeRw Aug 6, 2021

Blind has a post history?

Oracle madman72 Aug 6, 2021

He’s trolling mate

Esri klokov_v3 Aug 6, 2021

I have seen some people get a majority American ownership/stake in their ventures and work on it using an O-1 visa.

Facebook qna_host OP Aug 6, 2021

I have heard of this too. I just feel it’s an unwise business decision to give up more than half of what you build just for immigration issues. But yes it’s an option. I will explore.

CrowdStrike tinkerty Aug 6, 2021

Move to Canada

Facebook qna_host OP Aug 6, 2021

I am looking for a way to not disrupt my current life. I just need to buy time till I decide on something long term like this.

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a_j14 Sep 18, 2021

Hey man how's it going.. how did you planning to move forward I'm in same Boat Feel free to DM..