Virgin Islands Law Blog : Virgin Islands Lawyer & Attorney : Tom Bolt & Associates Law Firm : St. Thomas, St. John, St. Croix, Water Island, US Virgin Islands

Tom Bolt & Associates, PC, one of the U.S. Virgin Islands' leading full-service law firms, has announced that it has formed a Asset Stabilization and Strategic Economic Response Team (ASSERT) to assist its clients in addressing business challenges posed by current economic conditions. The multi-disciplinary team consists of attorneys who bring a wide range of practice proficiencies and insights to help local businesses weather the rapidly changing economic climate in the Territory.

“Our closely integrated practice groups have enabled us to formalize this team and align our service offerings with the needs of our clients,” said Tom Bolt, Managing Attorney of the Firm, and Chair of the Firm’s Real Estate & Financial Services and Government Relations Practice Groups. “Our  firm is dedicated to our clients and helping them meet the challenges they face. ASSERT evolved as our greatest resources—our legal talent—came together to tackle the complex challenges that the current economic conditions are posing for Virgin Islands businesses.”

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St. Thomas based Merchants Commercial Bank has refused a $1.2 million investment from the U.S. Treasury, saying the bailout money was not needed and involved a commitment to rules that could be changed down the road.

The bank’s board of directors turned down the Treasury’s offer in a unanimous vote, said Tom Bolt, General Counsel for the bank.

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One of President Barrack Obama's principal communications policy objectives is to "encourage diversity in the ownership of broadcast media . . . and clarify the public interest obligations of broadcasters who occupy the nation's spectrum."  This has not been the case in the United States Virgin Islands where Jeffrey Prosser of Innovative Communications Corporation owned all locally produced TV stations, the local telephone company, a local cellular telephone company, all cable television stations and the local newspaper. The monopoly is ending, however, with Mr. Prosser’s ongoing bankruptcy, where the Trustee intends to sell the ICC family as a unit. While the president's website offers no more in the way of specificity, it is commonly understood to be referring to measures that would constrain further consolidation of media ownership, and enhance broadcasters' local service obligations.

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Attorney Rosh D. Alger, Chair of the Tom Bolt & Associates, PC Corporate and Tax Practice Group recently returned from Pasadena, California where he attended the ALI-ABA Forum on "Representing the Growing Business:  Tax, Corporate, Securities, and Accounting Issues."

In recapping the the three day seminar, Alger noted that during the forum, a panel of seven tax and corporate law specialists voted, under a certain fact pattern for a growing business model, to choose the LLC structure.  When asked why, six out of seven panelists who voted in favor of the LLC said that they appreciate the flexibility of the LLC.

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The Virgin Islands business community is about to get its first locally owned and operated commercial bank providing local decision making and responsive service from its headquarters on St. Thomas.

In action before the Virgin Islands Banking Board earlier today, licensing was approved for Merchants Commercial Bank which had submitted final documentation to the Division of Banking and Insurance to obtain a Virgin Islands banking license after having completed all requirements to obtain FDIC insurance from the Federal Deposit Insurance Corporation.

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Merchants Commercial Bank, the newest bank in the Virgin Islands, recently achieved is capitalization as required by the FDIC and anticipates opening its doors in late October.  The bank which is lead by island banking stalwart Jim Crites has secured offices in Port of Sale Mall in Havensight  on St. Thomas and will concentrate its business activity in business and commercial loans.  Merchants will be the only locally governed financial institution in the District of St. Thomas-St. John. 

Virgin Islands consumers have grown frustrated at lack of commercial loan capacity in the United States Virgin Islands capital city.  .Merchants joins St. Croix based Bank of St. Croix and Virgin Islands Community Bank as the only Virgin Islands chartered banks.

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Choosing the right entity for your small business is a critical decision, both professionally and personally, but understanding and evaluation the nuances of each business type can be daunting. To begin, tackling the process, consider two primary issues that often control the entity selection process: potential personal liability of the business owner and tax consequences to the business owner.

Five business entities are commonly used by today’s small-business owners, including the sole proprietorship, partnership, C corporation, Subchapter S corporation and the limited liability company. Each of these entities has its benefits and drawbacks that, when evaluated in light of liability and taxation issues, will guide you in choosing the right entity for your needs.

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