Puerto Rico Agreement for Purchase of Business Assets from a Corporation
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How to fill out Agreement For Purchase Of Business Assets From A Corporation?
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FAQ
Because Puerto Rico is a United States territory, corporations are not subject to federal taxes unless earnings are repatriated. In turn, the corporate tax structure provides benefits of operating at a United States jurisdiction while providing tax benefits of a foreign country.
An asset purchase agreement is an agreement between a buyer and a seller to purchase property, like business assets or real property, either on their own or as part of a merger-acquisition.
In an asset purchase, the buyer will only buy certain assets of the seller's company. The seller will continue to own the assets that were not included in the purchase agreement with the buyer. The transfer of ownership of certain assets may need to be confirmed with filings, such as titles to transfer real estate.
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Puerto Rico corporations are treated as foreign corporations for U.S. income tax purposes.
The bill of sale is typically delivered as an ancillary document in an asset purchase to transfer title to tangible personal property. It does not cover intangible property (such as intellectual property rights or contract rights) or real property.
Provisions of an APA may include payment of purchase price, monthly installments, liens and encumbrances on the assets, condition precedent for the closing, etc. An APA differs from a stock purchase agreement (SPA) under which company shares, title to assets, and title to liabilities are also sold.
2 As a result, although Puerto Rico belongs to the United States and most of its residents are U.S. citizens, the income earned in Puerto Rico is considered foreign- source income and Puerto Rico corporations are considered foreign.
Domestic Corporations Are those created under the General Corporations Act of Puerto Rico. That is, these are corporations of Puerto Rico. Foreign Corporations Are those created under the laws of other countries and states of the United States.
An asset purchase involves the purchase of the selling company's assets -- including facilities, vehicles, equipment, and stock or inventory. A stock purchase involves the purchase of the selling company's stock only.