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Huh, that's interesting (and new to me). I think the caveat might be a thorn -- if that is true, and if you have to pay yourself a salary similar to or in the s
by blizkreeg 18y ago
Huh, that's interesting (and new to me). I think the caveat might be a thorn -- if that is true, and if you have to pay yourself a salary similar to or in the same pay scale as the position, then I'm out of luck :)
I'll look around and see what I can dig up on this.
- Dilpil 18y agoNothing a little bit of good old fashion American financial wizardry can't solve. Take a $60k cash advance out from a credit card (or other source). Next, invest $60k into your start up. Finally, pay yourself $60k, and use that to pay off the credit card.
- Brushfire 18y agoYou forgot a step: Lose about 20% in credit card fees, employment taxes, and income taxes. Still might be worth it, though.
- Dilpil 18y agoAmerican financial wizardry is all about forgetting steps.
- NonEUCitizen 18y agoIf that works, then your startup must be building a perpetual motion machine?
- prpon 18y agoI've done this process of quitting a job while on EAD (pending GC) recently. You need a) a letter from a full time job which pays at least as much as your GC application. b) transfer the GC application to yourself/your lawyer. Yes, financial wizardry can get the job done but when push comes to shove, you will end up paying employer taxes yourself.
- blizkreeg 18y agoI suppose my situation is very similar to yours. I know that one can be in legal status while working part-time on an H-1B visa. I thought I read somewhere that the same applies to an EAD, since on an EAD you're okay even if you're laid off.