A limited liability company (LLC) is a business structure designed to protect the personal assets and interests of the individual members of the company, while avoiding the double taxation that many corporations often incur. LLC’s offer protection from personal lawsuits while preventing double taxation on corporate and personal revenue.
LLC’s are unique to the United
For companies that qualify, the U.S. Virgin Islands offers extremely advantageous tax benefits for corporations looking to improve their bottom line. The tax structures available to corporations in the U.S. Virgin Islands offer continuity with Federal tax laws while allowing for greater tax reductions and exemptions.
Corporations in the U.S. Virgin Islands are governed by
While the U.S. Virgin Islands is not a state, it is still subject to the majority of U.S. federal laws, given that it is an unincorporated territory. A mirror federal tax code applies in the territory, but rather than being administered by the Internal Revenue Service, it is administered by the Virgin Islands Bureau of
If you’re preparing to invest in real property in the U.S. Virgin Islands, chances are you’ve been saving for quite some time to get to the point where you can make your purchase. With the amount of time and effort you’ve put into your savings and into researching the property you’ve purchased, it’s important you
The U.S. Virgin Islands Economic Development Authority has a variety of financing options in place to help entrepreneurs in the Territory start a new business or grow an existing one.
Here’s a quick overview of some of the available loan programs, administered by the VIEDA’s Economic Development Bank.
One of the crucial elements of starting a new corporation is drafting its bylaws. Bylaws are the rules by which the corporation will be governed on a day-to-day basis and typically cover such matters as what is required of shareholders, directors, and officers.
Bylaws should typically be drafted as early as possible, typically prior to
Among the many challenges of owning a business of any size is the need to keep track of your organization’s activities. This isn’t just important for helping your business operate efficiently—it’s also a legal requirement. Depending on the type of business entity you operate, federal and Virgin Islands laws may apply to your business in
If you own or operate a business, it will likely be necessary to, at some point, apply for a business loan to cover short-term costs and resolve any cash flow challenges you may have. In fact, borrowing effectively can represent the difference between a business’s success or failure, especially if your company is young.
The
One of the unfortunate realities of operating a business is that you might not always make the money you anticipated. Whether you’ve only recently started your business and have not earned back your initial investment, or you’re dealing with problems related to the larger economy, earning a profit isn’t always possible. In fact, for businesses
Does your company have confidential information? What about trade secrets? The concept of owning and protecting confidential information or trade secrets may not have occurred to most businesses. Yet, if you have a client list, pricing formula, particular device or pattern of installation, you have intellectual property worth protecting. This information is no less important to your business than your star employee or your brand name, and it deserves the same diligent protection.
In the U.S. Virgin Islands, a trade secret is considered to be information used in a business that is secret and gives a competitive advantage. It may be a formula, pattern or device, a compound, a manufacturing process, a pattern for a machine or a customer list.
Continue Reading Protecting Your “Trade Secrets” in the U.S. Virgin Islands