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
Financing Options to Start or Grow a Business in the U.S. Virgin Islands
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.
- State Small Business Credit Initiative: The State
Key Tips for Drafting Your Corporate Bylaws
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
Recordkeeping Requirements Depend on Type of Business Entity
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
Key Concepts On Business Loans
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
Understanding and Claiming Net Operating Losses for Your Business
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
Protecting Your “Trade Secrets” in the U.S. Virgin Islands
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.
Signs of Economic Improvement: USVI Bonds Pick Up
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.
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How to Convert an LLC to a Corporation
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.
How to Protect Your Business Against a Client Going Bankrupt
It’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