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.
Continue Reading Signs of Economic Improvement: USVI Bonds Pick Up
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.Continue Reading How to Convert an LLC to a Corporation
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
Checklist for Selling a Business in the US Virgin Islands
After 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
Covering All Your Legal Bases When Selling a Business
Selling 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
‘Means Test’ Determines If You Are Eligible to File for Chapter 7 Bankruptcy
How 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
Protecting Your Business and Personal Devices in the Wake of WannaCry
A 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
How to Conduct Due Diligence When Buying a Business
As 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.
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Could an Implied Contract Be Legally Binding?
An 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
The Fiduciary Responsibilities of Running a Corporation
In 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