I am trying to register a LLC company for telemarketing and my brothers in nepal are going to work  from Nepal. I am in F1 status and wondering what will be the pros and cons of doing the business. i will be sole owner of the business and i will be working here on opt and probably change my status to h1. I need suggestions from someone who are doing the same. Good idea or bad? what kinds of problem might i face from IRS?

LLC will limit your liabilities as the name suggests; hence if you want to be protect your personal property from being sued then go this way. Ofcourse it is more complicated than that, but that's the gist.
To be registered as LLC, you have to file different paperworks and pay different dues to the state and Fed. Keep those expenses in mind (such as registered agent, state filing and operating fees etc). Internet is filled with information on LLC, I recommend doing further research before digging in.

thanks kiddo....that was helpful. i have been doing research on internet about it but i further want to know real experience from people who have gone through the process.

opening a LLC is not hard . Y ou just go to the secretary of state of where you want to business and then you have to fill out an application which basically ask you about how many owners, the place of the business office and for how long the LLC will be operating .You have to pay a fee of $250 and choose a name . and you wil obatain a LLC certificate in less than half an hour. After registering LLC you have to call IRS and obtain EIN;(EMPLOYERS IDENTIFICATION NUMBER). They dont exactly ask you for your G.C or your status. Check with state tax office if you need to obtain tax permit but to my knowledge you might not as you are selling service and services are tax free to the best of my knowledge)
Being a LLC you are liable for filing 941 (payroll taxes), 940 (annual version of payroll taxes) and annual tax return at the end of the year.
Ok  i believe you can do business on H1 but not on F1. And i am very much pleased with your idea of telemarketing business. Sounds exciting.My suggestion for you dont do business on OPT wait till you get your H1.