Essay about Accounting Laws Memo
Prof Rafael Marrero Diaz
November 26, 2014
Accounting Laws Memo
To: Rafael Rodriguez
From Carlos Carrion Pastrana – Business Consultant
Re: Process and Laws that apply in Puerto Rico to establish a business corporation.
It is a pleasure to help and guide you through the process of regulations and steps in establishing a community pharmacy in Puerto Rico. This type of business is very regulated and includes both state and federal laws.
-The first thing that must be done is to get incorporated in the Department of State in accordance with the corporations law 164 of 2009 with a company name that is not registered yet and offering a physical address into which municipality will be …show more content…
* Accounts, and deposits must be made under the same name of the corporation. (Act 981m)
* Funds, Accounting and tests accounts must be specified and communicate how the funds should be managed. This is verified by the Controller of Puerto Rico (Act 671i)
* With the Commercial Registry (Registro de comerciante) a sales tax must be paid by the 10th of every month.
* Income tax and employee social security must be informed every three months and the contribution retained of the employees is paid every month to the department of treasury.
* Employee social security contribution