Checklist of what your business needs to operate
It is very important that you seek the guidance of an accountant when starting your business, as there are a number of steps to take to ensure that your business is compliant from the start.
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Get guidance from an accountant: This will help you start your business the right way, knowing your responsibilities and the steps to follow.
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Register your business: You don't necessarily need to have an LLC or a Corporation to start your business. But, you should be aware of the tax benefits that this can bring you.
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Apply for Permits: In Puerto Rico, it is necessary to have a merchant registration, a single or domiciliary permit, and a patent. There are businesses that, depending on their type of service, will require another type of additional permit.
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Create a Business Bank Account: It is important to separate your bank account from your business account.
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You've set a salary: It's important to view the business as a separate entity from you. You shouldn't be making personal payments from the business bank account. Instead, set a salary for yourself and make a payment to yourself month after month.
If you need to do an accounting or want some guidance , let us know so we can help you through the process.