Are you starting a business in the U.S. Virgin Islands? Do you have questions about how to apply for a business license? Most businesses are required to apply for and obtain some form of license or permit to operate legally. Domestic and foreign corporations, partnerships, and sole proprietorship engaging in any business in the U.S. Virgin Islands must apply for and obtain a business license from the Department of Licensing and Consumer Affairs ("DLCA"). Continue Reading Obtaining a Business License in the U.S. Virgin Islands
There are many reasons and motivations for selling a business. On this list somewhere towards the top is the idea of cashing out and making money. Part of this is concern over how much money you will actually keep and how much you will need to give to the government in taxes.Continue Reading Tax Ramifications of Selling a Business
As a small business owner, you have several different ways to form your business in the U.S. Virgin Islands. The type of business entity that you select will hinge on numerous factors and conditions. It is always best to seek the counsel of a corporate attorney who is familiar with business formation,such as those in the Corporate, Tax and Estate Planning Practice Group at BoltNagi PC. Continue Reading Liability Dangers of Sole Proprietorships & General Partnerships
The Consumer Financial Protection Bureau (CFPB) recently proposed a rule that would allow the agency to manage the oversight of nonbank student loan servicers. This growing market affects tens of millions of consumers and has experienced an increase in borrower delinquency in recent years.Continue Reading CFPB Seeks Oversight of Nonbank Student Loan Servicers
Are you trying to avoid foreclosure? Are you unable to maintan your home as you don’t qualify for a modification? Are you unable to sell you home?
A deed in lieu of foreclosure may offer you the solution. A deed in lieu of foreclosure or "DIL" is a way that a mortgagor (you the borrower) can voluntarily deed the property as collateral in exchange for a release from all of your mortgage’s obligations. The Department of Housing and Urban Development (HUD) and many others lenders have strict qualifications and pre-requisites, so you want to make sure that a DIL applies to your situation.Continue Reading Facing Foreclosure? A Deed in Lieu May Offer Solution
Auto loans are the third largest source of outstanding household debt after mortgages and student loans. Those loans should be administered fairly without discriminatory practices.
The Consumer Financial Protection Bureau (CFPB) recently gave notice to lenders that offer auto loans through dealerships that they are responsible for any unlawful or discriminatory pricing. The CFPB reported that discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year.Continue Reading CFPB to Crack Down on Disrcriminatory Car Loans
The Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) recently announced new resources to support small businesses across the nation and the U.S. Virgin Islands. FDIC Director for Depositor and Consumer Protection Mark Pearce and SBA’s Deputy Associate Administrator for Entrepreneurial Development Michael Chodos released Money Smart for Small Business, a training curriculum for new and aspiring business owners. Developed in partnership between both agencies, this curriculum is the latest offering in the FDIC’s 10 year old award-winning Money Smart program.Continue Reading FDIC and SBA Offer Support for New and Aspiring Entrepreneurs
As of the first day of 2012, U.S. Virgin Islands domestic corporations can have fewer than three directors, making it easier for smaller companies to establish themselves, the Office of the Lieutenant Governor announced Monday. V.I. law’s previous requirement of a minimum of three directors has historically placed a burden on some smaller companies, especially where there is a single owner who must coordinate management decisions with directors who have no financial stake in the enterprise.
One place, known for its Appalachian Mountains and rich coal supply, was immortalized in John Denver’s 1970s hit, “Take Me Home, Country Roads.” The other has white sandy beaches, rum distilling and an average January high temperature of 86 degrees that attracts millions of tourists each year. From economy to climate, West Virginia and the U.S. Virgin Islands are as different as any two places in the United States. But that hasn’t stopped them from discussing whether to work together to form a health insurance exchange under the federal health care law, say officials in West Virginia and the U.S. Virgin Islands.Continue Reading U.S. Virgin Islands Discusses Joint Insurance Exchange with West Virginia
With the holidays over and a new year upon us, it is a natural time for business owners to map out strategies and goals for the next twelve months. Doing so allows businesses a chance to focus their energies on having a successful 2012 and gives them a metric by which to measure their successes and locate opportunities for improvement at the end of the year. Here are three suggestions that will assist businesses in planning for the year aheadContinue Reading New Years Tips for Business Owners