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brazilk1visa

Business Owner I-134 question

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Posted (edited)

On form I-134, can I report the balance on my business accounts as part of my assets.

About 40% of my money is in my business bank account and I am the sole owner (LLC/S-Corp).

A lawyer advised me to explain at the consulate interview that I am self employed and that it is my money.

What do you think?

Edited by brazilk1visa

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It's not your money because it presently belongs to a separate legal entity.  Not yours until it is paid out to you either as salary or dividends.

 

I am a shareholder of Apple.  Does that mean a % of there cash belongs to me?


YMMV

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Using the business account for personal expenses (such as to support a fiance or spouse) would risk invalidating your LL protections, so I don't believe that would fly.

Mentioning it to the CO is fine if desired, but I wouldn't try to claim it as a personal asset.


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2 minutes ago, geowrian said:

Using the business account for personal expenses (such as to support a fiance or spouse) would risk invalidating your LL protections, so I don't believe that would fly.

Mentioning it to the CO is fine if desired, but I wouldn't try to claim it as a personal asset.

The personal asset is the shares he owns in the entity and the associated value of those shares 


YMMV

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8 hours ago, payxibka said:

The personal asset is the shares he owns in the entity and the associated value of those shares 

I hold 100% shares in the business, that is why I though I could claim them as personal assets. It also is an LLC and I am a freelancer. All that said, I am still very confused whether or not I should add the personal and business and claim that is the "Balance of all my savings and checking accounts in United States-based financial institutions", as in form I-134.

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Posted (edited)
2 minutes ago, brazilk1visa said:

I hold 100% shares in the business, that is why I though I could claim them as personal assets. It also is an LLC and I am a freelancer. All that said, I am still very confused whether or not I should add the personal and business and claim that is the "Balance of all my savings and checking accounts in United States-based financial institutions", as in form I-134.

Are the accounts under your Taxpayer Identification Number?  You might control, you might have signature authority, but you don't own. Your personal asset is the shares you own in the entity. 

Edited by payxibka

YMMV

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23 minutes ago, payxibka said:

Are the accounts under your Taxpayer Identification Number?  You might control, you might have signature authority, but you don't own. Your personal asset is the shares you own in the entity. 

Agreed but how will the officer see that? It is odd that not a lot of people had to go through that. Maybe I am over complicating things.

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Just now, brazilk1visa said:

Agreed but how will the officer see that? It is odd that not a lot of people had to go through that. Maybe I am over complicating things.

Do you even need assets?  Is your income above the threshold?


YMMV

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Just now, payxibka said:

Do you even need assets?  Is your income above the threshold?

I don't even know where to start. I am really confused. I will tell you why:

-I am claiming I am self employed because I own my own company.

-But also I pay myself a salary (I have paystubs that show income above threshold ), because my company is an S-Corp, so I am on pay roll.

 

I am not even sure I should say I am self employed, since I get paystubs and these would show income above the threshold.

 

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Just now, brazilk1visa said:

I don't even know where to start. I am really confused. I will tell you why:

-I am claiming I am self employed because I own my own company.

-But also I pay myself a salary (I have paystubs that show income above threshold ), because my company is an S-Corp, so I am on pay roll.

 

I am not even sure I should say I am self employed, since I get paystubs and these would show income above the threshold.

 

You are not self employed.   Your employer is your LLC/S Corp.   If your w2 income is above the threshold then this is all much ado about nothing.   Assets not required 


YMMV

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Posted (edited)
3 minutes ago, brazilk1visa said:

I don't even know where to start. I am really confused. I will tell you why:

-I am claiming I am self employed because I own my own company.

-But also I pay myself a salary (I have paystubs that show income above threshold ), because my company is an S-Corp, so I am on pay roll.

 

I am not even sure I should say I am self employed, since I get paystubs and these would show income above the threshold.

 

You have income and assets 

As a payrolled  employee of the company, you are not self employed. Declare your annual estimated 2019 income 

As a shareholder you have liquid assets to the value of the bank account balance of the company. If needed declare this as assets 

Edited by Lil bear

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1 minute ago, Lil bear said:

You have income and assets 

As a patrolled employed of the company you are not self employed. Declare your annual estimated 2019 income 

As a shareholder you have liquid assets to the value of the bank account balance of the company. If needed declare this as assets 

He has an investment represented by his shares in the company that were issued to him. 

 

If you are a shareholder in Apple, do you have a claim on there cash?


YMMV

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1 minute ago, payxibka said:

He has an investment represented by his shares in the company that were issued to him. 

 

If you are a shareholder in Apple, do you have a claim on there cash?

At least for the I864 , shares can be used to demonstrate assets. Their liquidity and value is questionable as that is market driven ., but can  still be listed 

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Just now, Lil bear said:

At least for the I864 , shares can be used to demonstrate assets. Their liquidity and value is questionable as that is market driven ., but can  still be listed 

Agreed, his listed asset is shares not cash.  In the end, doesn't appear he needs it


YMMV

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