Puerto Rico Acceptance of Election in a Limited Liability Company LLC
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How to fill out Acceptance Of Election In A Limited Liability Company LLC?
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FAQ
Yes, a business can be 100% foreign owned by either legal persons (?legal entities?) or natural persons (?individuals?). 2. How long does it take to register a company in Puerto Rico?
Form 8832. An LLC that is not automatically classified as a corporation and does not file Form 8832 will be classified, for federal tax purposes under the default rules.
A. Corporation (Default Rule for PR LLCs) ? the members of the entity have limited liability. Under the PR Code, corporations are subject to a double taxation regime. Initially, the entity pays income taxes when it realizes profits, subsequently, income taxes are paid when dividends are paid to its members.
If your LLC is taxed as a Puerto Rico corporation, you'll need to pay corporate income tax. Puerto Rico's corporate tax rate is 37.5%. However, under the Puerto Rico Incentives Code (Act 60), businesses based in Puerto Rico only need to pay a 4% corporate income tax on goods and services exported from the commonwealth.
In theory, the LLC is capable of acting outside the US. It must, however, fulfill the same conditions as the corporation in terms of an official U.S. location and an official U.S. contact person.
Under Puerto Rico law, an LLC uses a limited liability company agreement, or LLCA, to govern the internal affairs and administration of the LLC. This is valid regardless of what it is called, but the law says that they must be written. We recommend a written LLCA that is signed by all members.
To officially start your Puerto Rico LLC, you need name your business, appoint a registered agent, and file a Certificate of Formation with the Puerto Rico Department of State. The certificate costs $250 to file and typically takes between a day and a week to process depending on how you file.
Foreign LLCs only need to file the Certificate of Authorization and pay state fees in order to do business in Puerto Rico.
