Setting up LLC while awaiting spouse h1 140

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Hi: we are awaiting the h1b holder i140 approval. Anticipating it to be approved in a month or so. While we await, can I set up a LLC simultaneously and apply for h4 EAD once we get the i140 approved? We plan to earn some revenue via LLC and pay differed  taxes once EaD is approved. 

Am I thinking about this right? Or am I missing anything. 

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