Puerto Rico Corporate Resolution for Signing Authority
Description
How to fill out Corporate Resolution For Signing Authority?
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FAQ
Puerto Rico offers businesses the security and stability to operate in a US jurisdiction, while providing an unmatched variety of tax incentives that make it an attractive destination for businesses, large and small.
Corporate resolution (also known as a board resolution) is a written legal document, issued by the board of directors of a corporation, documenting a binding decision made on behalf of the corporation.
The board president and all board directors should sign the resolution. The board secretary should keep copies of all board resolutions with the corporate bylaws and other important documents.
Corporate resolutions are formal declarations of major decisions made by a corporate entity. The resolutions are used to determine which corporate officers are legally able to sign contracts, make transfers or assignments, sell or lease real estate, and make other important decisions that bind the corporation.
To register a foreign LLC in Puerto Rico, you must file a Puerto Rico Certificate of Authorization for Doing Business in Puerto Rico with the Puerto Rico Department of State. You can submit this document by mail or online. The Certificate of Authorization costs $150 to file by mail and $250 to file online.
The board members need to sign the board resolution. The President and Secretary only need to sign when the resolution is certified. But they can sign an uncertified board resolution as well, but it is not required.
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.
Companies may file a print of the resolution rather than the resolution itself, but the print must be signed by a director or the company secretary.
Under General Corporation Law, a foreign corporation or a limited liability company must register with the State Department of Puerto Rico before conducting business locally.
A corporate resolution is a written document created by the board of directors of a company detailing a binding corporate action. A corporate resolution is the legal document that provides the rules and framework as to how the board can act under various circumstances.
