H1B / H4 - Bussiness Options


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Hi Sir / Madam,
I am in H1B and working as Full Time Employee of MNC Product based company.
My wife and daughter are in H4.
I applied GC and currently its in PERM State. 

I/wife have an opportunity to get start a Business right now. Planning to do supply one product in California Location via with that product major importer/distributor.

1) I/wife would like to know, what is the possibility to make the business?.
2) What are all the legal way i/wife can do? 
3) Please recommend other options. Only USCitizen/GC Holder only can do business or once H4-EAD got also can do business?
4) If H4-EAD can do, what is the procedure and formal way to do?

Appreciate your reply.

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