Cost of LLC in PR

Rey, I looked at that this summer, forgot the initial filing fee in PR but I remember it is a buck and a half annual fee, not out of the line, I pay $110 annual for my corp here.

My advice, not liked by the PR Bar I'm sure, is you can do the LLC yourself without a lawyer. What I tell my friends who ask me to do theirs is do it yourself, but do it with your CPA, very important.

If he doesn't have the forms, they are readily available on line.

Lot's of ways you can set up LLC's or Corps, but you want to set it up the best way for you tax wise.  EG, my Corp is a Sub-chapter S (IRS code), bottom line being I only file one return at the end of the year, not a corp return and also a personal return. That saves me ???$$$ every year.

And other things like that. And it's probably a little more complicated in PR for you since I think you have to dance around numbers so that you are not paying PR and also paying Uncle. A CPA is going to be leaps and bounds ahead of most lawyers re: those issues unless they are tax lawyers, in which case you are going to be paying them tax lawyer prices.

Any Puerto Rican CPA, (unlike Jose the "bookkeeper") will know how to fill out the paper for your LLC app. They are filing returns for LLC's regularly and see how different people in different situations have their LLC's/corps set up.

Any probably for a smallfee he can be listed as your required registered agent and his address as the LLC address which will provide a little privacy. I presume in PR those ID things are on-line for people to see.

Would be my move.

Both S corporation and LLC corporation file under the person Taxes. You did an S? I would have figured you would have gone for a Single Owner LLC.

LLC's weren't a financial animal to be used when I started 36 years ago. LLC's are an early 90's baby, '93 in IL

I will probably file it myself yes. Will get a CPA to answer questions like paying my self from the corporation funds, and how to keep the books.

I will have it to home or the post office which gives me their address as my physical address. Besides my potential house is hard to find unless I show them in the Google or iPhone map.

Rey, the tax advantage of the LLC to be treated as a partnership and avoid double taxation (the company and the owners both pay taxes on income).  The tax advantage of a single-member LLC is even better in that it is a disregarded entity for tax purposes and the income to the company is treated entirely as income to the owner.

You'll save money and get to the same place by simply skipping formation of an LLC and simply providing your services as a sole proprietor (individual).  An LLC can offer liability protection but it's unlikely to benefit you - lenders and creditors will still expect personal guaranty from you and claims from clients (God forbid) could be (and will be) asserted against you individually too.

Good to know, thanks