Monday, November 25, 2013

Information on Corporation of Individuals

In Puerto Rico, Corporations of Individuals and its shareholders have income tax obligations similar to S-corps in the US.  Like S-corps these entities are not subject to corporate income tax because they are pass-through entities.  As such, the obligations from activities flow down to its shareholders.  Each shareholder is responsible for, and must determine their own income tax liability.  As always, there are eligibility rules, and a professional should be consulted and be presented with specific information .

The information on this website is general information and is for educational use.  You, the reader, should further research your specific individual situation.  In addition you should contact your accounting professional for professional advice derived from specific details from your structure and financial position.

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