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Those looking to form LLCs in the US Virgin Islands must have both a local registered agent and a local office address. This address will be used for process service requests. Your agent who forms the company for you (such as this one) should automatically include this for you in the initial filing.
Incorporate and open a bank account in BVI Step 1:Select company name and types. Every company in the BVI is required to be registered under an accepted name and as an entity type recognized by the law. ... Step 2:Submit application. ... Step 3:Apply for business license. ... Step 4:Open a bank account. ... Step 5:Stay compliant.
Unlike most US states, the USVI requires corporations to have a minimum of three directors, three officers, a president, treasurer and secretary. Corporate directors are not allowed. Stock must also be registered and there is a minimum capital requirement of $1,000.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...
To start a business in the U.S. Virgin Islands you will need to obtain a business license from the Department of Licensing and Consumer Affairs (DLCA).
Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
To get started: Create a business plan. Register your trade name and/or corporation with the Office of the Lieutenant Governor. Select a good location and obtain a copy of an unsigned lease or letter of intent from the owner. Obtain a business license from the V.I. Department of Licensing and Consumer Affairs (DLCA)
An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.