Accounting Laws Memo

Topics: Puerto Rico, Internal Revenue Service, Corporation Pages: 3 (701 words) Published: December 3, 2014
University of Phoenix

ACC/561PR

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 the headquarters. Then a business social security issued by the Department of Treasury Internal Revenue Services must be obtained. This number will identify the corporation when doing business among other business and when paying taxes to the state and municipality.

-A merchant registry number (Registro de comerciante) must be obtained also by the department of treasury, here you will specify the exact mailing and physical address and what type of business will be conducted under that corporation. Additional documents are needed:

Lease Contract
Use Permit (Obtained in the municipality if it is autonomous, if not in OGP offices) and is granted by ARPE Fire Department endorsement (Extinguishers and emergency exits) Health department endorsement. (Requires a minimum of two bathrooms and at least one with the dimensions for handicapped persons.) Structure blueprints

Explicative letter
CRIM certification (Centro de Recaudaciones de Ingresos Municipales)

-With a provisional patent issued when completed the above steps, then you will need to get the permits for the pharmacy licenses at the Health Department of Puerto Rico and AMSCA (Administracion de Servicios de Salud y Contra la Adiccion) and DEA (Drug...
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