The hiring of brand new employees is a big step for small businesses—it marks a significant growth milestone for your company, as well as some extra responsibilities for your company with regard to finances and management.
There are many types of industries in which hiring independent contractors is a big part of a company’s business model. There are some benefits to working with independent contractors, but as with any type of hiring practice, it’s important to make sure you abide by all the federal and territorial rules and plan out the hiring in a way that protects your company.
With this in mind, here are some tips for hiring independent contractors to your company.
A sole proprietorship is the simplest business structure you can operate under. It is technically not a legal entity—it is just a single person who owns the business and is personally responsible for its debts. The business can operate under the name of its owner or under a fictitious trade name.
One of the many ways to efficiently grow your business is to acquire other companies, taking over their intellectual properties and customer bases. Of course, there is a lot of planning and hard work that goes into an acquisition, and the process of actually finding a company worth acquiring isn’t always easy.
While the U.S. Virgin Islands’ bonds are still rated in junk status, there are some significant signs of improvement and glimmers of hope for economic recovery in the territory. The price of some of the Territory’s bonds has more than doubled since the end of 2017, thanks in large part to a boom in construction during the post-hurricane rebuild and the reopening of the St. Croix oil refinery. Now, economic experts in the Territory feel good about the growth in the local economy believe there is a positive future for the territory’s bond ratings.
A short sale is when a lender agrees to a person or entity selling property at fair market value even if the outstanding mortgage against the property is more than that value. In such a case, the lender generally forgives the balance due on the loan after the sale occurs, and the borrower is not required to pay off the remaining balance (though this isn’t always true).
Employee handbooks or manuals are frequently used in corporate settings to provide an overview of employee responsibilities and rights, as well as certain company regulations. The purpose of these manuals is twofold: to ensure all employees are aware of their rights and obligations, and to protect the company in the event of labor lawsuits.
Information gathered by the Federal Reserve Bank of New York’s Research and Statistics Group shed some light on the effects of the hurricanes of Fall 2017 on the economy of the U.S. Virgin Islands, including the statistic that the territory lost 4,500 jobs in the wake of the hurricanes.
The process of converting an LLC to a corporation can vary depending on the circumstances of your business. There are three types of conversion available—which method you choose depends on where you primarily do business and whether you meet the requirements for each method.
Here’s an overview of each of them.
The United States Department of Labor’s Wage and Hour Division (WHD) recently paid a visit to St. Croix and St. Thomas to investigate some reported wage issues, as well as to offer compliance assistance with regard to recovery efforts still ongoing after Hurricanes Maria and Irma.