Puerto Rico General Corporation Law
In the United States, corporations are organized pursuant to the laws of the individual states or territories. Puerto Rico's corporation law, located in Title 14 of the Laws of Puerto Rico, was updated in December 2009 and became effective in January 2010.
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Function
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The Puerto Rico General Corporation law governs many aspects of a corporation, beginning with its creation. The law specifically states the requirements for incorporating a business, conduction of shareholder meetings, the officer positions that are necessary for a business, shareholder derivative suits, director meetings and dissolution of a corporation.
Businesses
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Although the law is called the "General Corporation Law," the statute also deals with business forms other than the general corporation. Professional corporations, nonprofit corporations and limited liability companies are also covered under the statute.
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Fun Fact
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The Puerto Rico General Corporation Law, much like the corporation laws of other jurisdictions, mirrors the state of Delaware's General Corporation Law. When the Puerto Rico law was recently updated, it was done so with Delaware's law in mind.
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