Virgin Islands Law Blog

Virgin Islands Law Blog

U.S. Virgin Islands law & politics

Category Archives: Business

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How to Write an Effective Business Plan

Posted in Business
A 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 Business
As 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

Avoiding Financial Liability as a Small Business Owner

Posted in Business
Many 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 Business
One 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 Business
Considering 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

Steps to Take if You’ve Been the Victim of a Contract Breach

Posted in Business
If 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 Business
In 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

How This Fall’s Hurricanes Will Play a Role in Tax Season

Posted in Business, Hurricane
This 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 Business
The 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 Business
You 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