Puerto Rico Partnership Agreement for Corporation
Description
How to fill out Partnership Agreement For Corporation?
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FAQ
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.
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.
Domestic Corporations Are those created under the General Corporations Act of Puerto Rico. That is, these are corporations of Puerto Rico. Foreign Corporations Are those created under the laws of other countries and states of the United States.
Puerto Rico corporations are treated as foreign corporations for U.S. income tax purposes.
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.
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.
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.
A domestic corporation is taxable in Puerto Rico on its worldwide income. A foreign corporation engaged in trade or business in Puerto Rico is taxed at the regular corporate tax rates on income from Puerto Rico sources that is effectively connected income.
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.
2 As a result, although Puerto Rico belongs to the United States and most of its residents are U.S. citizens, the income earned in Puerto Rico is considered foreign- source income and Puerto Rico corporations are considered foreign.