(Stupid question) Do US Search Funds Take Canadian Kids On As Unpaid Interns
I've been looking through Searchfunder for a potential remote role during the school year and I'm a sophomore at a Canadian target. Right now most of the listings on Searchfunder that are in Canada looks like they're unlikely to give me good experience to talk about (deal exposure, work apart from sourcing, deck creation, modelling) and are looking at smaller companies, while US-based funds already have LOIs lined up and are looking to take on bodies for due diligence.
I'm not sure about the logistics of taking unpaid interns who aren't US citizens but it seems like it would be a possibility, should I bother applying to US search funds?
1) Very generally speaking, you can work for a US company while residing in another country. The tax and employment situation would make it a bit more difficult though. Regardless of whether the role is paid or unpaid, the employer has to legally hire and classify you - how would they do that? I know a contractor in the UK who works for a US bank in NYC. This goes through an agency which declares the entire situation to all gov and tax authorities. Check how/where you are liable for taxes or documentation (might be easier for unpaid roles, of course).
2) you would be eligible for the J visa through the correct agency, I would look into that.
I've heard that most search funds (maybe it's different here in Canada) don't legally classify or hire their unpaid interns, as some people I've spoken to said they were never asked for their SSN/SIN or anything, would this change anything?
I don't know if search funds do it that way.
So, you would "work under the table" without pay. I guess it's possible if all you want is a reference letter and some experience.
No official employer in the US should be allowed to do it though, it opens the door for exploitation, abuse, evades employment laws, (..). Take discrimination or harassment as examples - if something happened they could simply say "this person doesn't work for us".
Unpaid interns are the norm in the world of search funds
That might be the case, but there should still be an employment agreement in place? Like at least a formal agreement on who/when/how long, .. even if it is an unpaid role. Or do they really grab random people and give them access to a laptop and that's it?
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