SUBJECT: H1B owned LLC is legal to receive profit on Self Employement Income?

DETAILS:
- Am currently on an H1B visa.
- Currently going thru my green card (LCA) paperwork.
- Wife is on an H4 visa.

Both me & my wife owns (50/50) a LLC corporation which is a mail-order
home based business.  The question is, is it legal (for immigration
and tax purposes) to receive the profit in my "self employment income"
entry in the tax return?

If not valid, what would be the best way of doing this?  If possible,
please give references to any literature used.