Virgin Islands Law Blog

Virgin Islands Law Blog

U.S. Virgin Islands law & politics

Category Archives: Corporate & Financial Services

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Protecting Your Business and Personal Devices in the Wake of WannaCry

Posted in Corporate & Financial Services
A major cyberattack recently hit about 200,000 computers across more than 150 countries, with an especially considerable effect on individuals with older computers and operating systems, as well as large organizations and universities. The attack was performed via malware that has since become known as “WannaCry,” which was created and published by a hacker group… Continue Reading

Could an Implied Contract Be Legally Binding?

Posted in Corporate & Financial Services
An implied contract exists when two or more parties do not have a written contract in place, but there is a legal obligation based on the circumstances to uphold fairness for each party. While it’s typically a good idea to get any important contracts in writing, there are situations in which implied contracts are legally… Continue Reading

The Fiduciary Responsibilities of Running a Corporation

Posted in Corporate & Financial Services
In legal terms, a fiduciary is a person who acts in the best interests of another person. To that end, within a corporation, there are certain people who have “fiduciary responsibilities” to others. These may include promoters, officers, directors and, in some cases, shareholders. Let’s take a quick look at the various fiduciary responsibilities associated… Continue Reading

How to Create a Strong IP Indemnity Clause

Posted in Corporate & Financial Services, Labor & Employment
Every product you sell as a manufacturer is subject to the Uniform Commercial Code. This law requires you to guarantee to your customers that your products are free of infringement claims made by other manufacturers. You may already have customer contracts in place with even more stringent conditions, such as providing legal defenses to customers… Continue Reading

Defend Trade Secrets Act Offers Federal Protection to Trade Secrets

Posted in Corporate & Financial Services, Government Relations
Trade secrets are a valuable type of intellectual property—and they’re now subject to a number of federal protections similar to patents, copyrights and trademarks. This development is thanks to the new Defend Trade Secrets Act, which was written and approved to help strengthen the protection of trade secrets in the United States and its territories.… Continue Reading

Special Allocations in Partnerships and LLCs

Posted in Corporate & Financial Services
The vast majority of business arrangements involve partners splitting profits and debts based on their contributions to the company. A two-person partnership, for example, often has a 50/50 split, but these arrangements can become more complicated as more partners are added. For example, imagine a two-person partnership in which one partner contributed the majority of… Continue Reading

Intellectual Property Lawsuits Spike in Recent Years

Posted in Corporate & Financial Services
Although intellectual property disputes represent some of the oldest forms of business litigation, they have seen a spike in recent years across the United States, largely because of the rise of the Internet and the extraordinary proliferation of web-only businesses. These intellectual property lawsuits are especially prevalent in the technology industry, where a single company… Continue Reading

Common Provisions in Business Contracts to Know and Understand

Posted in Corporate & Financial Services
If you’ve ever had to pore over a contract when engaging in a business transaction, you’ve likely encountered some unfamiliar or unclear language. In all likelihood, this language was what’s called “boilerplate”—standardized legalese that communicates a common concept or provision in a concise manner. Whether it’s included somewhere in the main body of the contract… Continue Reading

SBA’s STEP Program Opens International Markets to Small Businesses

Posted in Corporate & Financial Services, International
Making the jump to international markets can be a tough one for small businesses, but a relatively new U.S. Small Business Administration program is offering some excellent opportunities. The agency’s State Trade and Export Promotion (STEP) Program is a pilot program that provides matching federal funds to U.S. states and territories, with the goal of… Continue Reading

Audit Prevention: Preparing Your Business Taxes as Effectively as Possible

Posted in Corporate & Financial Services, Tax & Estate Planning
Tax season is officially here, and individuals ranging from small business owners to top executives at the largest corporations are thinking about business taxes. It might not be the time of the year you mark on your calendar with a big smiley face—but it’s important nonetheless. How you are feeling about upcoming tax deadlines may… Continue Reading

The Dos and Don’ts of Managing Corporate Formalities

Posted in Corporate & Financial Services
When you go into business, you probably don’t do so for the fun and excitement of dealing with corporate formalities. However, these formalities are perhaps the key elements in protecting the shareholders and particularly the representatives of a corporation. By clearly formalizing the corporation’s proceedings and separating the activities of individual representatives from those of… Continue Reading