you need create a corporation, a c corp or s corp or llc, in an s corp or llc you can choose to deduct losses or profits from your personal income tax return, a c corp the corp itself would pay taxes outside from you.
The Corp would then apply for a tax id# XXXXX you can open accounts in the new Corp. name, it will also protect you from any debts or liabilities the Corp may face.
if the corp does not do well, you could close it or leave it alone, the problem you may have is if you sign leases or credit in your own name, you will be liable personally for the debts.
Your immigration status does not in any way effect you opening a business.
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