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
Steven K. Hardy
Tips for a Smoother Commercial Real Estate Closing
Buying or selling commercial real estate can be a complicated transaction. While electronic communications make it easier to communicate progress, they also make it harder to keep track of all the moving parts in the days leading up to closing.
Follow our tips below to ensure a smooth closing in your next real estate transaction.…
Why You Should Be Focused on Avoiding Probate in Your Estate Planning
Probate administration is the legal process through which a person’s assets are distributed after their death. These assets can include money/accounts, personal possessions, real estate or any other items of value. The probate must also account for debts. During the probate process, the administrator or executor creates an inventory of these assets, pays off debts…
Resolving Post Mortem Inheritance Disputes
The death of a loved one is almost always going to bring to the surface complicated and potentially long-standing issues within family relationships. This is perhaps never more the case than when the deceased individual’s estate plan takes family members and beneficiaries by surprise, forcing a situation in which those complicated feelings come out in…
What Constitutes ‘Undue Influence’ in Estate Planning?
Estate planning can be challenging in some circumstances, there may be disagreement between those forming and setting up the plan and the family members, friends, and other beneficiaries involved. Often, these misunderstandings can be cleared up through communication. One particular issue, however, has a way of creating problems for those expecting to be named as beneficiaries in a loved one’s estate plan: undue influence.
Undue influence takes place when a person in a position of power manipulates an elderly or ill person into forming or modifying an estate plan in a way that benefits him or her. Typically, this individual will be a caretaker or someone who has some control over the grantor’s finances or living situation. Whether a health care worker, an accountant or a relative, such individuals likely wouldn’t have been named as a beneficiary had he or she not been in the position to influence the estate planning process.
This is why such an individual is said to have “undue influence,” as his or her role in the grantor’s life normally would not eclipse the role of the deceased’s spouse, children, and/or other family members.Continue Reading What Constitutes ‘Undue Influence’ in Estate Planning?
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…
What You Should Know About Operating a Sole Proprietorship
A sole proprietorship is the simplest business structure you can operate under. It is technically not a legal entity—it is just a single person who owns the business and is personally responsible for its debts. The business can operate under the name of its owner or under a fictitious trade name.
Continue Reading What You Should Know About Operating a Sole Proprietorship
How to Find a Sensible Acquisition Target
One of the many ways to efficiently grow your business is to acquire other companies, taking over their intellectual properties and customer bases. Of course, there is a lot of planning and hard work that goes into an acquisition, and the process of actually finding a company worth acquiring isn’t always easy.
Continue Reading How to Find a Sensible Acquisition Target
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