If a foreigner wants to join a prop/trading firm in US, does the company have to apply US H1or2B visa for that person or can they apply in person themselves?
NO. A firm has to sponsor you, but forget it man, those days are over. When i was at my last prop firm, i knew a few who were here on H1b's ,but sub-llc's are for the most part dead. We paid salaries too in addition to a profit cut but where are you going to find a prop firm that pays u a basic salary/draw now, almost NONE. That era is gone. Your best bet is the large Ibanks, goldman,JPM,etc, not prop.
Sounds bad. Not even when you bring your own capital? Any alternative to legally work in states? Or as an associate/senior intern in financial firms?