Accounting Laws Memo

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Accounting Laws Memo
Jose Monroig
University of Phoenix
Accounting
ACC/561PR
Prof. Rafael Marrero Díaz
December 15, 2012

Accounting Laws Memo
A: Mrs. Rosa Ramos – Investor
From: Jose L.Monroig- Business Consultant
Re: Regulations and laws that apply in Puerto Rico to establish a business
When we met past week I told that I will get for you all the things that you need to establishyour business in Carolina, Puerto Rico. The kind of business that you will start is a very regulated by many government agencies. You told me that it will be a mix between a nursery, a day care and apre-kinder school.
You told me that you want to be incorporated and that is our first step within regulations. There is a corporation’s law 164 of year 2009 that substitute the law 144 of 1995. Thislaw has many regulations, but to start a business I brought to your attention the initial things needed.
* The name of the corporation, which shall contain one of the following terms:"Corporation", "Corp." or "Inc."
* The reservation of a corporate name shall be made by filing an application at the offices of the State Department.
* The name of each incorporator and mailing andphysical address, including street, number and municipality.
* If the corporation will be authorized to issue only one class of equity shares.
Beside of this initial requirements are many regulationscovered by the law that we will attend at the right moment.
In the Commonwealth of Puerto Rico the management accounting is governed by principles which standards are set by the FASB (FinancialAccounting Standards Board). Therefore, strict laws keep accounting is critical for healthy and competitive development of the corporation. Failure to follow or ignore accounting laws carries penalties thatcan impact on fines to the corporation and to the people who run it. I brought to your attention some of the most important, that are;
* Act 771. Public Accounting Act, 1945 - Rules everything...
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