In Puerto Rico businesses are required to file with the government Annual Corporation Reports. The reports must include (but are not limited to) a balance sheet which segregates its Puerto Rico operations so that its Puerto Rico financial position can be discerned. The balance statements must be prepared pursuant to United States GAAP/GAAS principles and standards. If the business revenue is $3 Million or greater, then the balance sheet must be audited and stamped by a Puerto Rico CPA. If it is less, the balance sheet must be prepared under the same principles and standards, but only needs to be prepared with somebody with general accounting knowledge. As always there are more rules and this post contains simplifications. Additionally, as always a professional should be consulted and be presented with specific information.
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Disclaimer
The information on this website is general information and is for educational use and has not been verified for accuracy nor completeness. 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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