Good Housekeeping for Business: E-Verify and I-9 Compliance

Posted on May 20, 2013 by Laura C. Nagi

The immigration laws of the United States require companies to employ only people who are able to work in the United States legally.  This can be as U.S. citizens or foreign citizens who have the appropriate and necessary authorization. The United States Citizenship and Immigration Services (USCIS) is the government agency that is tasked with overseeing lawful immigration to the United States.  USCIS manages the process that permits individuals from other countries to work in the United States. Some of these opportunities can be short-term, while others provide a path to a green card (permanent residency).

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What Type of Insurance Do You Need for Your Small Business?

Posted on May 17, 2013 by Lisa Kömives

When starting your own business, insurance is an important consideration.   Protecting your business investment with insurance minimizes the risks that can arise from unforeseen events, liabilities, and losses.  Finding the right insurance for your business can be a difficult task.  There are many variables that decide the right insurance for a small business.  These include the business structure, business activities, location, whether or not you hire employees—just to name a few.

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Avoiding Foreclosure: First Talk to Your Lender

Posted on May 15, 2013 by A. Jennings Stone, III

Money troubles can be embarrassing.  Some people take it as a sign of weakness, and many people don't like to admit that they need help.  This is the main reason that people avoid contacting their mortgage lenders when they have cash flow problems that affect their ability to remain current on their mortgage payments.  This reasoning, however, can have devastating legal consequences.  As counterintuitive as it may sound, the onset of a financial hardship is precisely the time that you need to reach out and talk to your lender.

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Tax Ramifications of Selling a Business

Posted on May 12, 2013 by Steven K. Hardy

There are many reasons and motivations for selling a business.  On this list somewhere towards the top is the idea of cashing out and making money.  Part of this is concern over how much money you will actually keep and how much you will need to give to the government in taxes.

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Dram Shop Act Signed Into Law by VI Governor

Posted on May 10, 2013 by Tom Bolt

Last Friday, U.S. Virgin Islands Governor John P. deJongh signed into law Act No. 7485 amending Title 8, Virgin Islands Code by adding Chapter 8.  This new law shields individuals who serve and sell alcoholic beverages to persons of drinking age from liability.  Thel legislation, however, does not extend the liability exemption to those selling or furnishing alcoholic beverages to monorss or those addicted to alcohol.  Laws such as Act No. 7485 are known as "dram shop laws" which are state or territorial laws pertaining to selling and serving alcoholic beverages and the public liability these activities may entail.

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Does Your Business Qualify for a Small Business Health Care Tax Credit?

Posted on May 7, 2013 by Nycole A. Thompson

Did you know that the health reform legislation signed by President Obama includes a Small Business Health Care Tax Credit?  This credit is designed to assist small businesses with the cost of covering their employees.

If you are a small employer here on the U.S. Virgin Islands with less than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year, and pay at least half of employee health insurance premiums, then this tax credit may help your company.

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U.S. Third Circuit Uses Vento for Guidance on Residency

Posted on April 23, 2013 by Tom Bolt

U.S. Virgin Islands residents pay income taxes to the Virgin Islands Bureau of Internal Revenue (VIBIR) rather than the Internal Revenue Service (IRS). The appellants in the recently decided case, Vento v. Director of Virgin Islands Bureau of Internal Revenue, (C.A. 3 April 17, 2013). Richard and Lana Vento filed a joint 2001 income tax return with the VIBIR, as did their three adult daughters. The United States argued that Richard and Lana Vento and their daughters (collectively, "The Ventos") were required to file those returns with the IRS instead. The proper tax jurisdiction depended upon whether they were bona fide residents of the U.S. Virgin Islands as of December 31, 2001.

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Staying Discovery Pending a Dispositive Motion to Dismiss

Posted on April 22, 2013 by A. Jennings Stone, III

Although discovery is part and parcel of litigation, it is universally regarded as expensive and burdensome, and (sometimes) ripe for sharp practices.  One area where the legitimate fact-finding purpose of discovery runs up against the hardship of discovery is where a court orders discovery to proceed while a motion to dismiss that would, if granted, resolve the matter, remains pending.

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Getting to the Court On Time!

Posted on April 19, 2013 by Ravi S. Nagi

The statute of limitations is the deadline for filing a lawsuit. Federal law or the laws of a state or territory establish the amount of time an individual has to commence their lawsuit by filing their complaint.  If a party fails to file within the timeframe, in all but the rarest of instances, they will be barred from moving forward with their case, and it will be dismissed.

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Liability Dangers of Sole Proprietorships & General Partnerships

Posted on April 16, 2013 by Tom Bolt

As a small business owner, you have several different ways to form your business in the U.S. Virgin Islands.  The type of business entity that you select will hinge on numerous factors and conditions.  It is always best to seek the counsel of a corporate attorney who is familiar with business formation,such as those in the Corporate, Tax and Estate Planning Practice Group at BoltNagi PC. 

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