Puerto Rico Partnership Agreement for Business
Description
How to fill out Partnership Agreement For Business?
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FAQ
Puerto Rico's General Corporations Law provides for the creation of for-profit, non-profit, domestic, foreign, close and professional corporations. Corporations are available for any lawful business, with very limited exceptions. In general, corporations may be organized by one or more persons and/or judicial entities.
The new tax contributes 1% to the municipality level and 10.5% to the "state" level. The IVU was scheduled to expire on 1 April 2016, to be replaced with a value-added tax (VAT) of 10.5% for the state level, with the 1% IVU continuing for the municipalities.
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.
Excise tax: depends on the category of goods. Sales and use tax: 11.5 percent on most goods and services. 10.5 percent on goods and services not subject to municipal SUT.
A U.S. company that wishes to do business in Puerto Rico may choose to either form a new subsidiary entity or register an existing company. In order to determine the best option, the company should consult an attorney familiar with tax laws and the company's business activities and structure.
Alternatively, businesses organized under the laws of a state of the United States or a foreign country may register to be authorized to conduct business within Puerto Rico as a foreign corporation. These businesses must file with the Puerto Rico State Department a Certificate of Authorization to do Business.
Puerto Rican trade is facilitated by the island's inclusion in the U.S. Customs system, and Puerto Rico's most important trading partner, by far, is the United States. The island also carries on significant trade with Singapore, Japan, Brazil, and Ireland and other European countries.
In addition to a strong legal framework, highly skilled bilingual workforce and outstanding infrastructure, the aggressive tax incentives that Puerto Rico offers, make the island a highly attractive destination to conduct businesses.
If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.
U.S. businesses can operate in one or several states or they can operate in a foreign country. Most businesses must register where they are doing business, and that might mean registering as a domestic or foreign business, or both.
