Subject: Revised Drafts of Articles of Incorporation, Organizational Minutes, and Bylaws for Puerto Rico Incorporation Dear [Company Name] Shareholders/Members/Directors, We are writing to provide you with the revised drafts of the critical documents for the incorporation of [Company Name] in Puerto Rico. These documents include the Articles of Incorporation, Organizational Minutes, and Bylaws. It is essential that we carefully review and consider these drafts as they establish the foundation and legal framework for our company's operations in Puerto Rico. 1. Articles of Incorporation: The Articles of Incorporation, also known as the Certificate of Incorporation, serve as the primary legal document that establishes the existence of our company in Puerto Rico. They lay out essential details such as the company's name, purpose, registered agent, capitalization, and initial directors/shareholders/members. This document ensures compliance with Puerto Rican laws and regulations and is crucial for business activities and legal recognition. 2. Organizational Minutes: The Organizational Minutes outline the details of the initial meeting held by the incorporates, directors, or initial shareholders/members of the company. These minutes summarize the discussions and decisions made during the meeting, including the appointment of officers, the adoption of bylaws, allocation of shares, and any other pertinent matters related to the formation and governance of our company in Puerto Rico. 3. Bylaws: The Bylaws are a set of rules and regulations that outline how our company will be governed and how its operations will be conducted. These rules address various aspects, including the roles and responsibilities of directors, officers, and shareholders/members, meeting procedures, voting rights, quorum requirements, and other governance matters. Bylaws help ensure transparency, accountability, and consistency in the company's operations. It is important for all shareholders/members/directors to thoroughly review these revised drafts as they may have incorporated changes based on legal requirements, suggestions from legal counsel, or any modifications requested during previous discussions. We aim to provide a comprehensive, fair, and compliant foundation for our company's successful incorporation in Puerto Rico. In doing so, we kindly request your prompt attention and feedback regarding any concerns, clarifications, or proposed amendments to these revised drafts. Your active participation ensures that these important documents accurately reflect the interests and intentions of our company and its stakeholders. Please submit your comments, suggestions, or approved versions of the documents within the next [timeframe] to facilitate the finalization process. We will then proceed with filing the Articles of Incorporation and adopting the final versions of the Organizational Minutes and Bylaws, taking us one step closer to full incorporation in Puerto Rico. Thank you for your dedication and contribution to the success of our company. Should you have any questions or require further clarification, please do not hesitate to contact [contact person] at [contact information]. Sincerely, [Your Name] [Your Position/Title] [Company Name]
Puerto Rico Sample Letter regarding Revised Drafts of Articles of Incorporation, Organizational Minutes, and Bylaws
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You'll then need to file a Certificate of Dissolution with the Government of Puerto Rico's Registry of Corporations and Entities. The form can be filed online, in person, or by mail. The certificate must include the following information: The name of the LLC.
Puerto Rico Business Taxes No income tax on dividends and interest. No capital gains tax. Fixed income tax rate of 4 percent on income gained from export services. No property tax for the first five years (Only 10% of the usual property tax rate afterwards) 60% reduction of the municipal tax rate.
Yes, corporations can be classified into domestic and foreign corporations, and into for-profit and not-for-profit corporations. Domestic Corporations - Corporations created under the Puerto Rico General Corporation Law. That is, they are corporations under the laws of Puerto Rico.
How to Incorporate in Puerto Rico. To start a corporation in Puerto Rico, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Certificate of Incorporation with the Department of State. You can file online or by mail. The certificate costs $150 to file.
Great idea. Businesses in Puerto Rico don't have to pay any federal taxes on money made in Puerto Rico, and there's no capital gains tax or income tax on dividends or interest for US residents who start businesses in Puerto Rico. To start a business in Puerto Rico, you technically just have to start selling something.
Tax Free First Year: Puerto Rico offers a tax deduction of 100% on real estate and personal property taxes during the first-year of operations. One Shareholder: A minimum of only one shareholder is allowed for Puerto Rico corporations. No Authorized Capital: There is no authorized minimum capital requirement.
The articles should include: The corporation's name, location, and purpose. The number of shares the corporation is authorized to issue. The registered agent's name and registered office's address. Each incorporator's name and address. The names of each initial director. The corporation's purpose and primary activities.
The initial cost to start an LLC in Puerto Rico is $250 to register your business with the Department of State. After that, you'll have a yearly recurring cost of $150 for your Annual Fee, which keeps your LLC current with the state.
