Apostille Requirements for Documents in Puerto Rico
In order to be able to apostille a document in Puerto Rico, it needs to be issued no more than 6 months before submission date. You can apostille birth, marriage, divorce and death certificates, and articles of incorporation, business bylaws, and powers of attorney.
Filing a Puerto Rico Annual Report
The page provides information about how to file a Puerto Rico annual report. Below is a set of instructions for how to file the Puerto Rico Annual Report yourself, including due dates, filing fees, required information, and answers to common questions. Both LLCs and corporations that do business in Puerto Rico are required to file annual reports with the Puerto Rico Department of State.
Puerto Rico’s online system has greatly expanded and improved over the past year. How to File Reports with Puerto Rico to Comply with Notice and Reporting Requirements: First, you will need to establish a username and password to submit the reports.
Setting Up Your Business
When forming a business entity with the state of Oregon, you need to register a business name and choose your business structure.
If you have net self-employment income of $400 or more, you have to file a schedule C in your personal 1040 return for self-employment business income. You may get a 1099-Misc for some of your income, but you need to report all your income. Keep your own good records.
Every business (Merchant) in Puerto Rico must request a Merchant’s Registration with the Puerto Rico Treasury Department (PRTD). Application must be presented thirty (30) days before initiating business. Failure of timely registration may result in a $10,000 fine. As the reporting requirements for businesses in Puerto Rico may vary depending on the specific business and its location, there is no definitive answer to this question.
What is the annual report fee in Puerto Rico?
What are the rules for LLC in Puerto Rico?
Tax Incentives and Guidelines for Puerto Rico LLCs
Puerto Rico offers multiple tax incentives to LLCs, including a 4% income tax, no federal income tax on income from Puerto Rican sources, and tax exemptions from paying taxes on interest, dividends, and capital gains. Folks who take advantage of Puerto Rico’s programs can reduce their tax rate by as much as 90%.
Filing and forming an LLC in Puerto Rico requires a $250 filing fee. Annual reports must be filed electronically by accessing the Department of State website at www.estado.pr.gov. A $150 annual fee is payable when filing the report.
A Puerto Rico LLC taxed as a Corporation of Individuals is taxed as a pass-through entity and doesn’t pay corporate income tax, similar to a partnership. However, unlike a partnership, a corporation of individuals can make distributions to its members that aren’t subject to US self-employment taxes.
Limited liability companies (LLCs) are generally taxed as corporations in Puerto Rico. An LLC may elect to be treated as a partnership or disregarded entity for US federal income tax purposes through Form 8832 with the IRS.
A Puerto Rico LLC is a legal way to structure your business offering liability protection, flexibility in management, and pass-through taxation. Under Puerto Rico law, an LLC uses a limited liability company agreement, or LLCA, to govern its internal affairs and administration. We recommend a written LLCA that is signed by all members.
The Puerto Rico Industrial Development Company (PRIDCO) administers economic development programs in Puerto Rico, offering various support forms to businesses.