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.
How about do the business in your wife's name or parents name? Idk. You'll find a way
I am unmarried. I am considering doing it under the family LLC umbrella.
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
Interesting. The salary is for management of the LLC to show that I am not actively involved?
You can form a llp and employ someone/hire your founding employee More details on the app will give you more traction on blind
Lawyer up. Zuck gonna dilute you Saverin
“Mark, is there something you cannot do?”
what’s the app ? faangshaadi?
No it’s not a ripoff of a dating app template lol
Which app?
Sorry zuckerberg he’s not gonna tell you so you can rob him off too. Go back to doing Priscilla
😂
Found OP’s app in his post history https://faangshaadi.com
Blind has a post history?
He’s trolling mate
I have seen some people get a majority American ownership/stake in their ventures and work on it using an O-1 visa.
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.
Move to Canada
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.
Hey man how's it going.. how did you planning to move forward I'm in same Boat Feel free to DM..
1.Hopefully you dint code on FB’s laptop. I believe legally thats their IP then. 2.Check with a lawyer
Unless it competes with their business, i doubt they'll sue
Everything competes with their business model these days