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… Continue Reading
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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 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
Checklist for Selling a Business in the US Virgin Islands
Posted in Corporate & Financial ServicesAfter you and the buyer of your business have completed negotiating your purchase, it’s time to prepare for closing. By following some simple steps, you will be well prepared to sign on the many dotted lines involved in these transactions. The following is a checklist for selling your business in the U.S. Virgin Islands: Before… Continue Reading
Covering All Your Legal Bases When Selling a Business
Posted in Corporate & Financial ServicesSelling a business is a major undertaking both in terms of the logistical elements and because of all the legal issues you must consider. The following are just a few of the legal challenges that could arise during the sale of a business: Issues with unpaid tax, especially property tax; Dealing with outstanding debts; Issues… Continue Reading
‘Means Test’ Determines If You Are Eligible to File for Chapter 7 Bankruptcy
Posted in Corporate & Financial ServicesHow do courts determine who is and is not eligible to receive a bankruptcy discharge under Chapter 7? The answer is the “means test,” a simple way of determining whether one’s income level is low enough to qualify for a discharge. People who do not pass the means test may still be eligible to file… Continue Reading
Protecting Your Business and Personal Devices in the Wake of WannaCry
Posted in Corporate & Financial ServicesA major cyberattack recently hit about 200,000 computers across more than 150 countries, with an especially considerable effect on individuals with older computers and operating systems, as well as large organizations and universities. The attack was performed via malware that has since become known as “WannaCry,” which was created and published by a hacker group… Continue Reading
How to Conduct Due Diligence When Buying a Business
Posted in Corporate & Financial ServicesAs you prepare to purchase a business, you must perform due diligence when it comes to reviewing and researching all available information related to that company. The goal with this research is to ensure you will not be surprised by any financial or legal issues if you decide to go through with the deal. Below… Continue Reading
Could an Implied Contract Be Legally Binding?
Posted in Corporate & Financial ServicesAn implied contract exists when two or more parties do not have a written contract in place, but there is a legal obligation based on the circumstances to uphold fairness for each party. While it’s typically a good idea to get any important contracts in writing, there are situations in which implied contracts are legally… Continue Reading
The Fiduciary Responsibilities of Running a Corporation
Posted in Corporate & Financial ServicesIn legal terms, a fiduciary is a person who acts in the best interests of another person. To that end, within a corporation, there are certain people who have “fiduciary responsibilities” to others. These may include promoters, officers, directors and, in some cases, shareholders. Let’s take a quick look at the various fiduciary responsibilities associated… Continue Reading
Cybersecurity: What Today’s Business Owners Need to Know
Posted in Corporate & Financial Services, Labor & EmploymentWhen you own or operate a small business, you may feel as if you need to understand and manage a never-ending list of issues and concerns just to ensure the safe, secure and effective operation of your business. There may be one more you need to add to the list: cybersecurity. As technology continues to… Continue Reading
How to Create a Strong IP Indemnity Clause
Posted in Corporate & Financial Services, Labor & EmploymentEvery product you sell as a manufacturer is subject to the Uniform Commercial Code. This law requires you to guarantee to your customers that your products are free of infringement claims made by other manufacturers. You may already have customer contracts in place with even more stringent conditions, such as providing legal defenses to customers… Continue Reading
Why the US Virgin Islands Needs to Enact UCC-9 (2010)
Posted in Corporate & Financial ServicesTo date, all 50 states, the District of Columbia and the Commonwealth of Puerto Rico have enacted the 2010 Amendments to Article 9 of the Uniform Commercial Code (UCC). However, the U.S. Virgin Islands is still the only jurisdiction not to enact those amendments, an issue that has drawn criticism over the past several years.… Continue Reading
Incorporation and Registration in the U.S. Virgin Islands
Posted in Corporate & Financial ServicesThe U.S. Virgin Islands provides business owners with some significant tax incentives as a means of boosting its economy and encouraging businesses to open up shop in the Territory. While qualified businesses are able to reduce up to 90 percent of their personal and corporate federal income taxes, and could even receive a full exemption… Continue Reading
A Simple Guide to Preparing for Business Litigation
Posted in Corporate & Financial Services, Labor & EmploymentWhen you own or operate a business, it’s very possible that you will find yourself involved in some type of dispute. In the more serious cases, you may even face a lawsuit. The following are a few simple actions that can protect you in the event of business litigation: Get insured: Having a high-quality business… Continue Reading
Defend Trade Secrets Act Offers Federal Protection to Trade Secrets
Posted in Corporate & Financial Services, Government RelationsTrade secrets are a valuable type of intellectual property—and they’re now subject to a number of federal protections similar to patents, copyrights and trademarks. This development is thanks to the new Defend Trade Secrets Act, which was written and approved to help strengthen the protection of trade secrets in the United States and its territories.… Continue Reading
Special Allocations in Partnerships and LLCs
Posted in Corporate & Financial ServicesThe vast majority of business arrangements involve partners splitting profits and debts based on their contributions to the company. A two-person partnership, for example, often has a 50/50 split, but these arrangements can become more complicated as more partners are added. For example, imagine a two-person partnership in which one partner contributed the majority of… Continue Reading
C Corps and S Corps Have Different Tax Implications
Posted in Corporate & Financial ServicesWhenever a new business is founded, the entrepreneur must decide what type of company it will operate us. Two of the most common choices are C Corps and S Corps—each of which has its own advantages. The choice you make depends largely on how you intend to run and structure your business. Similarities of C… Continue Reading
Knowing the Best Methods for Passing on a Business to Your Heirs
Posted in Corporate & Financial Services, Tax & Estate PlanningAfter you’ve worked so hard to build and grow your business, it’s important to know how to pass it on to your beneficiaries. To do this, you need a sound succession plan in place that will guide the future of your business if you decide you no longer want to run it—or in the event… Continue Reading
Is it Time to Renew Your Section 9 Patent?
Posted in Corporate & Financial ServicesDo you have a patent or trademark under Section 9 that is about to expire? If so, you likely need to prepare for renewal soon. If you do not take the appropriate steps to renew your trademark, the U.S. Patent and Trademark Office (USPTO) will ultimately cancel your registration, thereby allowing others to profit off… Continue Reading
Intellectual Property Lawsuits Spike in Recent Years
Posted in Corporate & Financial ServicesAlthough intellectual property disputes represent some of the oldest forms of business litigation, they have seen a spike in recent years across the United States, largely because of the rise of the Internet and the extraordinary proliferation of web-only businesses. These intellectual property lawsuits are especially prevalent in the technology industry, where a single company… Continue Reading
Common Provisions in Business Contracts to Know and Understand
Posted in Corporate & Financial ServicesIf you’ve ever had to pore over a contract when engaging in a business transaction, you’ve likely encountered some unfamiliar or unclear language. In all likelihood, this language was what’s called “boilerplate”—standardized legalese that communicates a common concept or provision in a concise manner. Whether it’s included somewhere in the main body of the contract… Continue Reading
There’s Been a Breach…a Breach of Contract
Posted in Corporate & Financial ServicesWhen you run a business, you may enter into contracts with other individuals or entities. They could be vendors, distributors, financial service providers, repair technicians or just about any other type of business or organization. You hire them to do a job, and they accept the job with the expectation that they will complete it… Continue Reading
SBA’s STEP Program Opens International Markets to Small Businesses
Posted in Corporate & Financial Services, InternationalMaking the jump to international markets can be a tough one for small businesses, but a relatively new U.S. Small Business Administration program is offering some excellent opportunities. The agency’s State Trade and Export Promotion (STEP) Program is a pilot program that provides matching federal funds to U.S. states and territories, with the goal of… Continue Reading