University of Phoenix
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
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Under the commonwealth of Puerto Rico accounting principles are established by FASB (Financial Accounting Standards board). It is very important to follow these standards and laws established by the government to avoid any penalties and fines.
* 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