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… Continue Reading
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What You Should Know About Operating a Sole Proprietorship
Posted in BusinessA 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. Sole proprietorships are popular… Continue Reading
How to Find a Sensible Acquisition Target
Posted in Business, Real EstateOne 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. Every merger or… Continue Reading
Signs of Economic Improvement: USVI Bonds Pick Up
Posted in Banking and Finance, Business, Corporate & Financial Services, Government Relations, HurricaneWhile 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… Continue Reading
Study: USVI Lost 4,500 Jobs After Hurricanes of Fall 2017
Posted in Business, HurricaneInformation 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. That figure accounts for a 12… Continue Reading
How to Convert an LLC to a Corporation
Posted in Business, Corporate & Financial ServicesThe 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. Statutory conversion This type… Continue Reading
How to Write an Effective Business Plan
Posted in BusinessA strong, concise business plan is crucial when starting a new business. Not only will it give you a roadmap for how you will grow your business in its early years, but it will also be useful for investors, who want to see that you have a well-thought-out venture that has a good chance of… Continue Reading
How Creditors Can Protect Themselves During Bankruptcy Proceedings
Posted in BusinessAs a creditor, there’s always a chance you’ll receive an official notice in the mail at some point, alerting you that someone to whom you have loaned money has filed for bankruptcy. One of the primary reasons people file for bankruptcy is to discharge some of their debts. You must act quickly if you… Continue Reading
Common Sense Strategies to Help Avoid Business Litigation
Posted in Business, LitigationJust about all successful businesses will find themselves involved in a lawsuit at some point. However, there are many strategies you can employ to help you avoid unnecessary legal disputes and minimize the risks you face. This will help you save money and maintain your focus on your business rather than ongoing litigation. Here are… Continue Reading
What is the Difference Between a C Corporation and an S Corporation?
Posted in BusinessIf you’re filing articles of incorporation for a business, chances are you’ve done a lot of research on what type of business structure is going to best fit your plans. If you’re filing as a corporation, you’ve likely come across two very specific types of corporations: a C corporation and an S corporation. If you’re… Continue Reading
Avoiding Financial Liability as a Small Business Owner
Posted in BusinessMany small business owners do not necessarily think about their financial liability when they first start their company—they tend to focus more on market research, securing funding and building up the infrastructure of their new business. However, it is important to understand the financial risks you face as the owner of a new company. If… Continue Reading
How to Prepare for a Business Acquisition
Posted in BusinessOne of the most effective ways for you to significantly grow your company is to acquire other competitors within your market. Of course, this process is easier said than done—business acquisitions take a lot of planning, not to mention money. Here are some tips to help you prepare for a business acquisition as a buyer.… Continue Reading
Steps for Changing Your Business’s Structure
Posted in BusinessConsidering changing the structure of your business? There are a number of scenarios in which it might be sensible or beneficial to do so. Changing the structure could afford you more growth potential, or limit liability you would face in certain circumstances. If you have decided you wish to change your business’s structure, you might… Continue Reading
The Most Common Mistakes Made During Business Formation
Posted in BusinessThe process of starting up a brand new business can be quite daunting, especially if you are a new entrepreneur. You have likely heard that most small businesses fail within their first three years of operation. You can make your business much more likely to succeed by avoiding some of these common mistakes during the… Continue Reading
Steps to Take if You’ve Been the Victim of a Contract Breach
Posted in BusinessIf your business is involved in a contract dispute with another party you believe did not live up to its contractual obligations, the first step to resolving the dispute is to provide a notice of breach. This notice will explain why you believe a breach exists and provides a list of actions that must be… Continue Reading
When is a Contract “Irreparably Broken” in the Eyes of the Law?
Posted in BusinessIn U.S. contract law, a contract is considered “irreparably broken” after a “material” breach of contract—a breach that is so severe that essentially destroys the basis of the contract and goes to the root of the agreement between the contract’s parties. If a material breach occurs, the non-breaching party can end the agreement and attempt… Continue Reading
Tips to Help Your Business Guard Against Intellectual Property Theft
Posted in BusinessJust about every company has sensitive information it needs to protect. Many times this comes in the form of intellectual property, such as product designs or blueprints, service methods and patents. It feels like there’s a new high-profile breach showing up in the news every week these days. In such an environment, it’s more important… Continue Reading
An Overview of Acquisition Agreements for Business Purchases
Posted in BusinessWhen you are preparing to purchase another business, the acquisition agreement is a crucial step in the process. Here’s a brief overview of what you can expect out of an acquisition agreement. Two models of purchase agreements There are two general models of purchase agreements: an entity purchase agreement and an asset purchase agreement. The… Continue Reading
How to Protect Your Business Against a Client Going Bankrupt
Posted in Business, Corporate & Financial ServicesIt’s an unfortunate reality that more small businesses fail than make it past their first five years. Even larger companies are not immune to bankruptcy. In fact, the number of businesses filing for bankruptcy protection has steadily grown over the last several years. This means that if you run a B2B company that has other… Continue Reading
How This Fall’s Hurricanes Will Play a Role in Tax Season
Posted in Business, HurricaneThis year’s tax season looks a little different than in the past for people who live in areas that were affected by the major hurricanes in 2017. The IRS is still focused on accommodating the various tax needs, including relief efforts, of individuals impacted by the disasters. On September 29, Congress passed the Disaster Tax… Continue Reading
SBA Loans Help Small Businesses
Posted in BusinessThe people of the U.S. Virgin Islands continue to rebuild after the massive destruction caused by Hurricanes Irma and Maria over the past month. Many are still in need of financial assistance to recoup the losses they have suffered and make necessary repairs to their properties. The large amounts of flooding and damage can be… Continue Reading
Tips for Planning a Smooth Business Succession
Posted in BusinessYou have likely spent many years building your business. It’s only sensible that you put plenty of effort into ensuring it lasts long after you are retired or have passed away. Below are a few tips to help you create a smooth and successful plan of succession for your business: Begin planning early: You might… Continue Reading
Conducting a SWOT Analysis, Feasibility Study for Your New Business
Posted in BusinessEven before you begin writing a business plan for your new venture, there are two things you should do: conduct a feasibility study and undergo a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis. These processes will help you determine if your business will be viable and if it is worth the time, effort and money… Continue Reading