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Company Formation & Merchant Account

Asked by: Kunal Tak - 12 August, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 My friends and I want to form an LLC even though none of us are American citizens. Since we know that with us being on H1B's, we cannot be employed directly but can we serve as unpaid Managers of the business?

Also how difficult is to open a merchant account for the company (in terms of credit check) and should a merchant account be opened using our own SSN or the company's tax id?
Answered by: Robert Kowalski - 12 August, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/35.jpg-687fc92d5f6c5febcbdccb6895b08b8c Dear Kunal Tak,

I won't go too deep into the immigration-related part of the question, since you seem to be well informed, and because its beyond the scope of our website.

With that being said, since as an individual you can buy shares of publicly traded companies on a stock market, I see no reason why you and your friends cannot own shares or member interest in privately held companies, as long as your involvement with those companies does not violate the terms of your visa. In any case, its always a good idea to consult an immigration attorney prior to making decisions of that kind.

Now to merchant account: as fas as I know merchant service providers run checks to see the credit scores of the company representative(s), so they would need to use your SSNs for that. For more information on how to open a merchant account I would recommend you to read our article on credit card processing.

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