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
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
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.
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.
You have likely spent many years building your business. It’s only sensible that you put plenty of effort into ensuring it lasts long after you are retired or have passed away.
Below are a few tips to help you create a smooth and successful plan of succession for your business:
- Begin planning early: You might
The IRS has several dozen federal tax breaks are scheduled to go away at the end of the year, unless Congress decides to keep them alive. Business owners in the U.S. Virgin Islands would be well advised to investigate these expiring tax rules and take advantage of them now.
The high cost of energy, along with isolated grids and an abundance of renewable energy resources have motivated island communities around the world to investigate alternatives to fossil fuels. Many have set ambitious objectives to reduce oil consumption—the primary fossil fuel consumed on most islands. According to the U.S. Department of Energy, the U.S. Virgin Islands has emerged as a leader in the effort to reduce oil imports and stabilize electricity costs.