Puerto Rico Partnership Agreement for LLC
Description
How to fill out Partnership Agreement For LLC?
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FAQ
A Puerto Rican corporation that's engaged in certain types of service businesses only pays Puerto Rican tax of 4%. you can pay 0% on certain dividends and capital gains you realize while you're a bona fide resident of Puerto Rico.
Limited liability companies (LLCs) are becoming the preferred method of doing business in Puerto Rico. LLCs may be organized by any natural or legal person by filing articles of organization (also referred to as the certificate of formation) in the Puerto Rico State Department.
To officially start your Puerto Rico LLC, you'll need to file a Certificate of Formation with the Puerto Rico Department of State and pay the $250 fee. First, you must choose a company name and appoint a registered agent for your LLC.
An LLC partnership agreement (also called an LLC Operating Agreement) lays the ground rules for operating a Limited Liability Company and protects the legal rights of its owners (called members). It's written by the LLC's members and describes the plans and provisions for the company.
A Limited Liability Company is a legal entity all its own, while a partnership is owned by two or more people who share legal responsibility of the business entity. In a partnership, the business does not possess a legal identity outside of the business owners.
Puerto Rico's corporate tax rate is officially 37.5%, but it can be as low as 0% for some types of businesses. A business-to-business service company which sells its services to people in the States can expect to pay a 4% corporate tax rate, compared with 21% (plus state tax in most States) in the States.
In general, an LLC offers better liability protection and more tax flexibility than a partnership. But the type of business you're in, the management structure, and your state's laws may tip the scales toward partnership.
Accordingly if an LLC is organized under the laws of Puerto Rico it is taxed as a domestic corporation and if organized under the laws of any other country, including the United States, it is taxed as a foreign corporation. A Puerto Rico LLC is a foreign eligible entity for U.S. federal income taxes.
An LLC is typically treated as a pass-through entity for federal income tax purposes. This means that the LLC itself doesn't pay taxes on business income. The members of the LLC pay taxes on their share of the LLC's profits. State or local governments might levy additional LLC taxes.